Ryanair shares fall over plans to ground 80 jets

[May 23, 2011]  DUBLIN (AP) -- Ryanair shares are falling after Europe's leading budget airline announced it would ground 80 aircraft this winter and suffer reduced passenger traffic for the first time in its history.

The Dublin-based airline announced strong full-year results Monday but said weak winter demand meant it would cost less to ground 80 jets -- more than a quarter of its fleet -- than to operate them at a loss from October to March.

It says the grounding would mean the airline carries 4 percent fewer passengers than in the previous winter.

Shares fell as much as 8.5 percent before partly rebounding.

[Associated Press]

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