Ryanair has no need of mergers-CEO

BOLOGNA, Italy, July 31 (Reuters) - Low-cost airline Ryanair (RYA.I) has no need to merge with another airline, its chief executive Michael O'Leary said on Thursday, adding his company will be one of five main flyers left after the industry consolidates.

"Ryanair does not need mergers with other companies," O'Leary said at a press conference in the central Italian city of Bologna.

"After consolidation among flag carriers because of expensive fuel, five main companies will remain and Ryanair will certainly be among them," O'Leary said.

High fuel costs and crimped consumer spending are hurting airlines and earlier this week two major European players, British Airways BAY.L and Spain's Iberia IBLA.MC announced they were in discussions about a possible merger.

O'Leary's company, which is Europe's biggest low-cost carrier, said earlier this week it might make its first loss since 1989 because it will respond to high fuel costs and the threat of recession by cutting fares.

O'Leary said rival low-cost carrier EasyJet could be another company to survive the consoldation intact.

Ryanair reported an 85 percent slide in its first-quarter net profit on Monday. (Writing by Jo Winterbottom; Editing by Greg Mahlich)