02 June 2009

Ryanair makes loss

Ryanair has reported an annual loss but has vowed to cut average fares by a fifth this year.

The airline has fallen to a pre-tax loss of 180.4m euros in the 12 months to the end of March but the airline’s chief executive Michael O’Leary was typically ebullient, saying that the low-cost carrier would emerge from the recession stronger than before.

In 2008 the airline made a profit of 438.9m, which includes the value of its stake in Aer Lingus, but even without that it was still in the black to the tune of 481.1m euros profit.

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