Ryanair Holdings Plc is preparing a broad cost-cutting program to help absorb an expected €2 billion ($2.2 billion) increase in fuel expenses next year. The airline said the effort comes as the conflict in the Middle East continues to lift Oil prices and affects consumers’ willingness to book flights.
The company will review its agreements with airports and is considering reducing crew ratios as part of the savings plan. It may also expand the use of artificial intelligence to lower operating costs.
Ryanair announced the measures on Monday after reporting a 15% decline in profit after tax during the first half of its fiscal year.
Sources: Bloomberg Markets.