Lower fuel costs to save Ryanair €500m
23.04.09
The Ryanair deputy chief executive, Michael Cawley, said today that he expects the budget airline to save nearly €500 million during the 2009-2010 financial year due to the lower cost of fuel. He said: ‘The savings are the result of a bad fuel hedging strategy last year and a good one this year. Most of the savings will be reinvested in promoting lower fares.'
Mr Cawley reiterated the airline’s target of 67 million passengers this year, up from 58 million passengers last year. He said: ‘Our passenger target will be achieved organically without acquiring other airlines. We have no requirement to acquire.’ He also said that there was a possibility that the 67 million passenger target could be increased.
He added that talks with both Airbus and Boeing regarding new plane orders were ongoing, but no concrete decisions had been made. He said: ‘We are covered for 3-4 years by current orders. Our passenger growth indicates we’ll need 100-300 aircraft going forward.’
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