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Ryanair will have to forgo millions of ticket sales this year because of delayed jet deliveries from Boeing, the low-cost airline\u2019s chief executive Michael O\u2019Leary said Tuesday.<\/p>\n
He also said the drop in ticket prices that dragged down Ryanair\u2019s first-half results should moderate later this year.<\/p>\n
\u201cBoeing delivery delays are challenging our schedule growth this year,\u201d O\u2019Leary said at a press conference in London, saying Ryanair would transport five million fewer passengers this year than the 205 million it initially expected.<\/p>\n
Ryanair has 350 Boeing 737 single-aisle planes under order, but the US manufacturer has delayed deliveries because of a series of technical problems.<\/p>\n
\u201cWe were supposed to get seven in July. We got five. We were supposed to get ten in August. We\u2019re going to be lucky if we get five,\u201d he said. \u201cIt is very frustrating dealing with Boeing at the moment.\u201d<\/p>\n
O\u2019Leary said the five million fewer passengers could cut revenue by about 500 million euros ($550 million) this year.<\/p>\n
\u201cBoeing are certainly paying us some modest amounts of compensation, but I\u2019d far rather have taken the aircrafts and grown even faster,\u201d he said.<\/p>\n
The low-cost airline was also hit in the first half by prices declining about 15 percent on average from a year earlier, blaming high interest rates that cut into the disposable income of its clients.<\/p>\n
\u201cGood news for our customers, bad news for our shareholders,\u201d O\u2019Leary said Tuesday.<\/p>\n
But he said the declines were slowing, and for the full year prices would probably be down about five percent.<\/p>\n<\/div>\n