Ryanair Plans to Resume 40% of Flights in July
Ryanair Holdings Plc (RYAYY) seeks to resume 40% of its planned flight schedule from July 1 and will require passengers to wear face masks, Reuters reported on Tuesday. Europe’s largest Read More... The post Ryanair Plans to Resume 40% of Flights in July appeared first on TipRanks Financial Blog.
Ryanair Holdings Plc (RYAYY) seeks to resume 40% of its planned flight schedule from July 1 and will require passengers to wear face masks, Reuters reported on Tuesday.
Europe’s largest low-cost carrier plans to commence operating 1,000 flights per day on July 1, up from a minimum service of 30 flights per day it is currently operating, it said in a statement.
That will allow it to cover 90% of its pre-crisis network but fewer frequencies, it said.
Last week, the no-frills carrier said that passenger traffic in April declined 99.6% to 0.4 million customers adding that due to multiple EU government flight bans and restrictions tied to the coronavirus pandemic, it expects to have minimal traffic during the months of May and June as well.
For the full year ended March 2021, Ryanair expects to carry less than 100 million passengers, more than 35% below its original 154 million target, the company said in a statement on May 1. The airline also announced 3,000 job cuts as it grapples with the revenue fallout in face of the grounding of all of its flights from mid-March.
This month CEO Michael O’Leary said he estimated Ryanair would go from operating 40% of normal flights in July to 50% in August, but with more than half of the seats likely to be empty due to “anaemic demand”.
As part of its COVID-19 policy, Ryanair will ask all passengers to fill out a form detailing the length of their planned visit and where they will stay. The collected data will be provided to EU governments to monitor quarantine measures.
Furthermore, Ryanair said it will disinfect all aircraft interiors every night and ban cash sales on board and demand customers check their temperature before traveling.
“Queuing for toilets will also be prohibited on board although toilet access will be made available to individual passengers upon request,” the statement said.
Shares in Ryanair plunged 6.3% to $54.57 in U.S. trading on Monday, extending its year-to-date drop to 39%.
TipRanks data shows that Wall Street analysts have a Moderate Buy consensus rating on the stock. The $65 average price target indicates 19% upside potential in the shares in the coming 12 months. (See Ryanair stock analysis on TipRanks)
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