Ryanair said it will cut costs and raise fares next year to offset a 2.0 billion euro rise in its fuel bill driven by the Middle East war.
LONDON: Irish no-frills airline Ryanair said Monday it would launch a cost-cutting drive and hike fares next year to help offset the impact of soaring jet fuel prices driven by the Middle East war.
Chief executive Michael O’Leary said Ryanair’s fuel bill is expected to rise by 2.0 billion euros ($2.24 billion) in its next financial year, which could prompt cost-saving measures such as temporary pay freezes, lower cabin crew ratios and greater use of artificial intelligence in back-office operations.
The announcement came as profit after tax fell six percent to 1.61 billion euros in its second quarter, or three months to end-September, from one year earlier, the Dublin-based carrier said in a statement.
