Thursday, November 13, 2008

A leading European budget carrier glad recession


Director of Europe's largest budget airline Ryanair, Michael O'Leary said that the recession will bring the company profits as its competitors fail.

Ryanair net profit for the period from April to September this year decreased by 47% to $ 277 million, said agency dpa, but O'Leary is convinced that the fall in oil prices and increased competition in the sector of the budget airline will return the company lost profits.

The head of Ryanair predicts that in the time remaining before Christmas, bankruptcy may be 5 or 6 European airlines. In the end, survive only Vritish Airways, Lufthansa, KLM-Air France and Ryanair, convinced O'Leary.

He also added that Europe needs a recession, during which the loss-making airline will disappear, and to acquire planes would be cheaper.

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