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Ryanair shares fall 3% on flight cancellation plan

Ryanair shares fell 3 percent in early Monday trading following its announcement late on Friday of plans to cancel between 40 and 50 flights per day until the end of October, disrupting hundreds of thousands of journeys.

Ryanair said it was trying to deal with a backlog of staff leave, which must be allocated before the end of the year, and described the number of canceled flights – which started immediately – as “unacceptable” to customers.

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If the airline cancels 40 flights per day for six weeks, approximately 285,000 journeys would be affected, assuming a load factor – a measure of how full planes are – of 90 percent.

(Reuters)

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