Ryanair report profits; raise guidance
30.01.12
Ryanair made a net profit of €14.9m (£12.5m) in the last three months of 2011, up from a loss of €10.3m a year earlier, thanks to higher fares and better weather than the same period a year earlier. The budget airline said it expects its profits for the full year to March 31 to be higher than its previous guidance.
Average fares rose 17% in the final quarter of 2011 compared to 2010, due to reduced seat capacity and the need to pass on the cost of higher fuel prices. This saw revenues up 13% to €844m, despite a 2% fall in passenger numbers. The airline carried 16.7 million passengers in the quarter, down from 17 million a year earlier.
Ancillary revenues grew 6% to €177m and rose by 8% on a per passenger basis. Its fuel costs increased by 18% and the airline expects its fuel bill for the next financial year to rise by about €350m, leading to speculation that fares will continue to rise.
The quarterly profit was ‘slightly ahead of guidance’ and Ryanair now expects its full-year profit to exceed previous guidance by €40m, and has increased its estimate to €480m.
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