Ryanair who are always looking at ways to save money and make money have admitted to flying their aircrafts more slowly to save money on its huge fuel bill, according to a spokesman for the low cost airline it is working.
Fuel bills have been going up over the years which has caused a huge headache for low cost airlines but now Ryanair feel they have the answer. By flying their aircrafts slower it is allowing them to save money on their fuel bill but amazingly enough, they are only adding around two minutes per hour to the journey.
Chief financial officer Howard Millar told the Financial Times: “We’re flying slightly slower but what we’re seeing is we’re burning less fuel,” added Millar. “Fuel is our single biggest cost so we have a proportionately bigger problem than everybody else from these higher fuel prices.”
Ryanair are blaming a 21 per cent fall in pre-tax profits on the huge rise in fuel where they saw their profits fall to £88.5 million in the three months to the end of June, this is compared to their pre tax profits of £112.5 million for the same period in 2012.
The low cost airline predict the future is very bright for them, they believe their passenger numbers will continue to rise and believe they will have a profit after tax of around £600 million for 2013/14.
Chief executive Michael O’Leary said: “We are in ongoing negotiations with MAG, the new owners of Stansted airport, to reverse six years of record traffic declines, but there is no guarantee that any deal will be agreed.”
“Our seven new bases Eindhoven and Maastricht (Holland), Krakow (Poland), Zadar (Croatia), Chania (Greece), Marrakesh and Fez (Morocco) are performing well.”
A spokesman for Ryanair has said they intend to add many more routes to help increase their passenger numbers.
By Diane Walker