Ryanair returns to profit

BUDGET airline Ryanair swung back into profit today as traffic grew despite the recession and the firm benefited from lower fuel costs.
By The Newsroom
Published 1st Jun 2010, 10:17 BST

The Irish firm made pre-tax profits of 341 million euros (281m) for the year to March 31, against a 180.5 million euros loss (150.5m) a year earlier.

Ryanair grew traffic 14 pe cent to 67 million passengers while fuel costs fell 29 per cent to 894 million euro (755.5m) thanks to lower oil prices.

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The firm said it was "proud" of its performance and expected further double-digit growth in traffic and profit this year - barring any more disruption from Iceland's volcanic ash cloud.

Ryanair said "repeated, unnecessary closures" of European airspace had left it with a bill of around 50 million euro (42.3m) so far.

The firm - which lost 1.5 million passengers during the disruption in April and May - also hit out at "unfair and disproportionate" regulations leaving airlines with hefty bills to compensate stranded customers.

Ryanair backed down over initial plans to limit payouts to the cost of ticket prices but warned that passengers "cannot and should not expect to receive unlimited compensation or reimbursements".

Related topics:RyanairIceland