Yes RyanAir is turning over a lot of money, but the fact is that the money people @ FR classify maintenance as an asset. In other words if they put 2-3 million into one of their clapped out JT-8's, its put on the books as being worth an extra 2-3 million after overhaul, may work on papar, but in reality it's a no-no, and time will tell. How can 30-50 million in maintenance costs, P.A. be recorded as an asset, simple, float the company and hide it in the end of year reports, shareholders are happy, what else matters. Do not get me wrong, I admire the sheer brass neck FR management have, but facts are facts.
I am not a big Aer Fungus fan, but there once was a time when pay and conditions were excellent, but that all changed in the early nineties and the government still have a sting in their tail for EI.
I sincerely hope the airline is not sacrificed out of a deadly combination of Greed and Stubborness. Aer Lingus is one of the Few truely Irish Owned Companies left, and that with me counts for something.
Good luck guys (and Gals) but "Thread Softly"