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BOEING COMPANY (THE)

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Ryanair to shut Faro base in Portugal in 2020: union

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08/07/2019 | 08:54am EDT
FILE PHOTO: A Ryanair Boeing 737 plane takes off at the Riga International Airport

LISBON (Reuters) - Ryanair has decided to close its base at Faro International Airport in southern Portugal from next year with the loss of at least 120 jobs, the SNPVAC cabin crew union, which had called a strike for Aug. 21-25, said on Wednesday.

The budget airline told the union the decision to close the base, which operates 10 aircraft in summer, was part of wider planned cuts flagged last week due to weaker earnings, the grounding of the Boeing 737 MAX and concerns over Brexit, said SNPVAC director Fernando Gandra.

The timing "appears at least strange as it comes within days of our calling a strike in Portugal and as the company is telling staff its passenger numbers have risen 9% in July from a year earlier," Gandra said.

"We are looking into the matter and collecting data to see if it could be retaliation for the strike," Gandra said.

Faro airport serves Portugal's Algarve region which is popular with tourists, especially from Britain.

A Ryanair spokesman contacted by Reuters would not confirm or deny the closure, but said, as previously announced, that "a number of Ryanair bases will be cut or closed this winter" mainly due to the late delivery of up to 30 Boeing 737 MAX aircraft.

"These consultations are taking place with our people at affected bases currently. No routes will be affected as they will be served by flights from other bases from November when the winter schedule starts," he said.

The SNPVAC union on Aug. 1 said its members would go on strike for five days from Aug. 21 after Ryanair refused to comply with a protocol signed last November, which it said included holiday pay, 22 days of annual leave per year and full compliance with Portuguese parental law.

A day earlier, Ryanair Chief Executive Michael O'Leary told staff in a video message that the company had 500 more pilots and 400 more cabin crew than needed, and that job losses would be announced in the coming weeks.

Ryanair currently operate around 2,400 daily flights from 87 bases.

(Reporting by Andrei Khalip and Padraic Halpin; editing by Axel Bugge and Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) 1.41% 384.2 Delayed Quote.17.47%
RYANAIR HOLDINGS -1.99% 10.075 Delayed Quote.-3.12%
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Financials (USD)
Sales 2019 85 805 M
EBIT 2019 4 171 M
Net income 2019 3 378 M
Debt 2019 14 139 M
Yield 2019 2,08%
P/E ratio 2019 65,8x
P/E ratio 2020 15,9x
EV / Sales2019 2,68x
EV / Sales2020 1,83x
Capitalization 216 B
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Last Close Price 384,20  $
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NameTitle
Dennis A. Muilenburg Chairman, President & Chief Executive Officer
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO, EVP-Corporate Development & Strategy
Theodore Colbert Chief Information Officer & SVP-Data Analytics
Gregory L. Hyslop CTO, Senior VP-Engineering, Test & Technology
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