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Ryanair shares SURGE on reduced "]cash burn["], optimistic outlook
O'Leary said cash burn is now around 10-15 million euros per week when the cost of unneeded fuel hedges are excluded, which he described as "almost zero."

Ryanair reported a cash balance of 4.1 billion euros, including 600 million pounds raised under Britain's Covid Corporate Financing Facility.

pesky labor costs
O'Leary reiterated plans to cut at least 3,250 jobs and pay cuts of up to 20%, though he said both could be reversed in the coming years as Boeing begins to deliver dozens of 737 MAX jets per year - starting with 20-30 by summer 2021.

O'Leary said the airline would first look at the possible closure of loss-making bases in Britain, Germany and Spain.

Of "furloughs", job-retention, kurzarbeit, and unions
"We need pay cuts. We need job losses, we need lower airport costs if we are going to right-size the business," he said.
by Cat on Mon May 18th, 2020 at 10:02:37 PM EST
Fortunately for Ryanair, those Boeing 737 Max jet deliveries have been long delayed...

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 19th, 2020 at 12:04:42 PM EST
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by Cat on Tue May 19th, 2020 at 05:18:38 PM EST
[ Parent ]

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