Ryanair profits up
Ryanair has announced a 20% increase in half year profits, making a pre-tax profit of 544m euros.
The airline’s results compare to 451.9 million euros pre-tax profit for the six months to September last year.
As a result, the airline expects to make a 10% higher annual profit than previously predicted.
Revenues rose 24% to €2.7bn to September 30, 2010, traffic grew 12% and average fares increased 13%.
Unit costs rose 13% due mainly to longer sectors and a 37% increase in fuel costs.
Ryanair’s CEO, Michael O’Leary, said: “We are pleased to report a 20% increase in the half year net profits to €544m.
"This is a testament to the strength of Ryanair’s lowest fare/lowest cost model which delivered robust traffic and profit growth despite, significantly higher oil prices, and an economic downturn in Europe.
“The 13% rise in average fares (which includes optional baggage fees) is due to slower growth, a better mix of new routes and bases, as well as rising competitor fares/fuel surcharges."
The airline also called for the UK Competition Commission to speed up the sale of Stansted.
In a statement it said: “Since 2007 Stansted airport charges have doubled to pay for a 2nd runway project which has now been abandoned.
“The UK Competition Commission must end these interminable delays and judicial reviews and expedite the early sale of Stansted to allow competition to deliver lower costs, and improved customer service, where Ferrovial’s high prices at Stansted and the CAA’s “inadequate” regulatory/regime has failed.”
By Diane Evans
Diane
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