01.02.10
Ryanair made a €10.9m (£9.5m) net loss for the October to December quarter on revenues up 1% to €612 million, a big improvement on the €101.5m loss it reported for the same period in 2008. The budget airline also upgraded its full-year profit forecast, saying it now expects net profits of around €275m.
The airline said the result was helped by a 37% fall in fuel costs in the quarter, which offset a 12% fall in average fares. It also cut loss-making routes for the winter period, most significantly at 'higher cost' airports Stansted and Dublin.
A spokesman said Ryanair is benefiting from the recession, as competitors struggle, and that it aims to increase passengers by 10% to 73 million in 2011 as it moves into routes abandoned by its rivals.
Its passenger numbers rose 14% to 16 million in the quarter. However, ancillary revenues - such as charges for hold luggage and commission from sales of hotels and airport parking - grew more slowly at 6%. Ryanair said the main reason for this was 'changing customer behaviour' as they seek to avoid excess baggage costs.
Michael O'Leary, Ryanair's CEO, said market conditions remain ‘difficult’ but the airline was still gaining market share from Air France-KLM, BA and Lufthansa.
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