Monday, 23 May 2011

Ryanair profits up

Budget airline Ryanair has reported profits of €401m, a 26% rise on the previous year. The airline forecasts a 4% growth in passenger numbers in 2012 to 75 million with fares in line with increased fuel costs.

A spokesman for Ryanair said that fuel costs rose by 37% during the 12 months but the airline has hedged the cost of 90% of its required fuel at $820 per tonne.

The Ryanair chief executive, Michael O'Leary has said that he does not see the current Icelandic volcan to be as problematic as last years. "We don't think there will be anything like the disruption we saw last year," said Mr O'Leary.He also said it was unfair that airlines had been forced to pay compensation to passengers for what had been "an act of God. I don't believe airlines should be the insurer of last resort," he added.

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