Irish budget airline Ryanair posted its first full-year loss in two decades and disappointed investors with its outlook on Tuesday.
Here is a summary of recent events at the airline:
Feb. 2008 – Chief Executive Michael O'Leary says has factored a European recession lasting up to 18 months into its business plan.
March – Says will freeze the pay of top executives to counteract high fuel costs.
July – Announces a cut of flights at its Dublin base due to high fuel prices and airport costs.
— Says it will reduce the number of flights by 14 percent and ground 25 percent of aircraft at London's Stanstead airport, as soaring fuel costs continue to take their toll.
— Posts a 85 percent fall in first-quarter net profit as its fuel bill almost doubles and warns it could make a full-year loss of up to 60 million euros, its first loss since 1989.
Nov. – Posts a 47 percent fall in first-half earnings and says falling second-half ticket prices offset by lower fuel costs would lead it to break even in the full year.
Dec. – Bids 750 million euros ($970 million) for Aer Lingus, just half of what it offered two years ago in an approach thwarted by European regulators. The European Commission rejected Ryanair's 2006 offer on the grounds it would create a near monopoly in European flights out of Dublin.
Jan. 2009 – Investors reject Ryanair's 750 million euro ($1 billion) takeover bid for rival Aer Lingus, increasing pressure on Ryanair to raise its offer. Ryanair owns 29.82 percent of Aer Lingus, a stake it built when making a previous offer in 2006.
— Ireland rejects Ryanair's 1.40 euro per share offer for carrier Aer Lingus on competition and valuation grounds.
Feb.- Posts a 101.5 million euro ($130.4 million) third-quarter net loss but raises its full-year outlook to a profit due to lower fuel costs. Says its full-year guidance was for a net profit in the 50 million to 80 million euros range versus an earlier projection of break-even.
— Cuts the number of routes served from its Shannon hub in the west of Ireland, with the loss of about 800 jobs in the area.
— Cuts 200 jobs due to an expected 20 percent drop in passengers through Dublin in its current financial year.
— Says in talks with both Boeing and Airbus to order 200 planes for as much as $7 billion, with delivery starting in 2013.
April – Says it expects to save around 500 million euros ($661.2 million) in the 2009/2010 fiscal year due to lower fuel costs.
June – Posts its first full-year loss in two decades after writing down 222.5 million euros on its investment in Aer Lingus. Before booking a loss, Ryanair's adjusted full-year net profit of 105 million euros ($149 million) came in well ahead of expectations.
