Ryanair reports profit hike

Ryanair announced today that its profit after tax has grown by 204% to £267m for the year ended March 2010.

Ryanair reports profit hike
Ryanair reports profit hike

The growth was primarily credited to lower fuel costs, partially offset by a 13% decline in average fares, Ryanair said.

The low-cost airline's revenue grew by 2% in the same period, from £2.46bn for the year ended March 2009, to £2.5bn.

Ryanair chief executive Michael O'Leary said: "We can be proud of delivering a 200% increase in profits and traffic growth during a global recession when many of our competitors have announced losses or cutbacks, while more have gone bankrupt including, Bluewings, Globespan (UK), My Air, Segal Air and Sky Europe."

O'Leary also commented on the effects of the European airspace closures caused by the Iceland volcanic ash cloud.

"These closures have caused the cancellation of 9,400 Ryanair flights, and the loss of 1.5m passengers up to the 18 May," he said.

The cancellations are estimated to have cost to the airline around £42m.

O'Leary said: "The full cost of these cancellations will not be known for some time and will depend on the claims we receive under the unfair and disproportionate EU261 regulations. The recent revisions of the VAAC charts for ‘guesstimating' the position of non-existent volcanic ash "clouds" highlights the mismanagement of these eruptions by EU governments and regulatory agencies, who repeatedly and unnecessarily closed European air space."   

 

 

 

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