Ryanair Holdings Extends Buyback Program; Swung to 3Q Pretax Profit
February 03 2020 - 1:54AM
Dow Jones News
By Anthony O. Goriainoff
Ryanair Holdings PLC (RYA.LN) said Monday that it was extending
its buyback program to the end of July as it reported a swing to
net profit for the third quarter of fiscal 2020.
The low-cost airline said that for the three months ended Dec.
31 net profit was 87.8 million euros ($97.4 million) compared with
a loss of EUR66.1 million for the third quarter of fiscal 2019.
Revenue was EUR1.91 billion compared with EUR1.58 billion last
year.
Ryanair said its EUR700 million buyback program was being
extended to July due to the uncertainty surrounding delivery of the
Boeing 737 MAX. The program was due to end in May.
The airline said that group airline Lauda continued to
underperform due to strong competition from Deutsche Lufthansa AG
(LHA.XE) subsidiaries in Austria and Germany, and that management
is implementing a new cost-cutting plan.
Ryanair said it sees its profit after tax for the year close to
the mid-point of guidance.
In January the airline said it expected profit after tax for its
fiscal year ending March 31 to be in the range of EUR950 million to
EUR1.05 billion.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 03, 2020 01:39 ET (06:39 GMT)
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