Ryanair enjoys record profit

LONDON – Ryanair, Europe’s largest low-cost airline, saw a 21 per cent increase in net profit during its first quarter, as a 30 per cent hike in passenger numbers helped to offset a doubling of fuel costs, the company said yesterday.

The Irish no-frills carrier said net profit climbed to 64,44 million euros in the three months to June 30 from 53,08 million euros a year earlier, as passengers welcomed Ryanair’s decision not to copy European rivals by imposing fuel surcharges on tickets. The profit amount was a quarterly record for Ryanair and beat analysts’ consensus expectations.Pre-tax profit climbed 32 per cent to 76,94 million euros.”The increased profits …underlines the fundamental strength of the Ryanair low fares model, which delivers profitable growth even during periods of intense competition and significantly higher oil prices,” chief executive Michael O’Leary said in a statement.The airline’s results were published less than a week after the collapse of Irish-registered budget carrier EUjet.Ryanair’s share price rose 1,19 per cent to 6,83 euros in early Dublin trading, valuing the carrier at 5,2 billion euros.- Nampa-AFPThe profit amount was a quarterly record for Ryanair and beat analysts’ consensus expectations.Pre-tax profit climbed 32 per cent to 76,94 million euros.”The increased profits …underlines the fundamental strength of the Ryanair low fares model, which delivers profitable growth even during periods of intense competition and significantly higher oil prices,” chief executive Michael O’Leary said in a statement.The airline’s results were published less than a week after the collapse of Irish-registered budget carrier EUjet.Ryanair’s share price rose 1,19 per cent to 6,83 euros in early Dublin trading, valuing the carrier at 5,2 billion euros. – Nampa-AFP