Ryanair flying high with 20pc increase in profits
Ryanair has announced a 20pc increase in its half-year profits.
The no frills airline, which flew over 70 million passengers last year, made a profit of €544m for the six months to the end of September on revenue of €2.7bn.
It also reported a 12pc increase in passenger numbers.
The company said average fares rose by 13pc as did its unit costs, due mainly to a 37pc increase in the price of fuel.
The group has now raised its full-year profit forecast by 10pc to €440m, saying higher revenues per passenger mile will offset fuel price increases.
"We are well booked for the coming months, fractionally ahead of where we were last year," said Chief Financial Officer Howard Millar. "So far we have not seen any impact from recession."
However, he warned that capacity cuts will mean a 4pc decline in passenger traffic in the second half of the year.
The company is expecting to report a traffic decline of 10pc in November as it grounds 80 planes due to higher oil prices.