Ryanair CEO, Michael O’Leary, stated the carrier expects average fares to fall by approximately 20% in the full year, but the carrier expects full year profitability to double, with Mr O’Leary adding that “recessions are good for Ryanair”.
He continued to say that the carrier is lowering its cost base and gearing the company up for a "period of renewed growth over the coming years." Ryanair's shares slipped 0.9% on Friday.
Frontier expected to emerge from bankruptcy protection this week
In the US, Frontier Airlines announced plans to emerge from bankruptcy protection on 01-Oct-2009 as a wholly-owned unit of Republic Airways Holdings. The company, citing reorganisation costs of USD10.5 million, reported a net loss of USD2.0 million and an operating profit of USD10.2 million in Aug-2009.
Also in the US, Southwest's shares were up 1.7%.
Selected LCCs daily share price movements (% change): 22-Sep-09