Ryanair posts quarterly loss

LONDON, Feb 04 (AFP): Ryanair unveiled plans on Monday for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high".

Mirroring a set-up by British Airways and Iberia owner IAG, a statement said Ryanair planned to have four distinct operations, each with its own chief executive.

The airline's current chief executive, Michael O'Leary, will head up the overall group, Ryanair said. Under him will be Ryanair DAC overseeing the Irish operations and there will be also Ryanair UK, Laudamotion for its Austrian business and Ryanair Sun, or Polish unit.

"Having agreed this group strategy as the best way to grow Ryanair, Sun, Lauda and other possible airline brands, Michael O'Leary has agreed a new five-year contract as group CEO," the statement said.

It added: "Over the next 12 months Ryanair Holdings Plc will move to a group structure not dissimilar to that of IAG.