Ryanair announces profits are up
Ryanair has announced profits of nearly 15million euros (£12.6million) for the third quarter of this year compared to 10million euro losses last year.
If the trend continues, the low cost airline expects full year profits to rise to 480million euros rather than the predicted 440million euros.
It reports average fares rose by 17%, leading revenues to increase 13% to €844m. Traffic fell 2%.
Costs rose 11% due to a 7% increase in sector lengths and an 18% increase in fuel costs.
Chief executive Michael O’Leary, said:" Our Q3 Net Profit of €15m was slightly ahead of guidance due to a combination of benign weather which caused fewer flight cancellations and significant de-icing savings, and a better performance on yields reflecting our planned winter capacity cuts, longer sectors, and higher competitor fares/fuel surcharges.
"Should these positive Q3 trends continue into Q4, we now expect our full year profit will exceed previous guidance (of €440m) and rise to €480m."
He added that fuel costs which he expects to rise by about 350million euros for 2013 posed a significant cost challenge for next year.
Diane
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