Menu
31/05/2005
Ryanair announces rise in profits
Budget airline Ryanair has announced a 19% rise in profits and said that it remains “confident” about the year ahead.
The Dublin-based airline, which was founded 20 years ago, announced net profits of 268.9 million euros today. The company also said that passenger volumes had also increased by 19%, to 27.6 million.
However, average yields (revenue per passenger) only increased by 2%, despite a 16% rise in capacity. Ryanair said that this was partly due to the lower comparables last year (when yields fell by 14%) and continuing capacity reductions by the European flag carriers in markets where they competed against Ryanair. However, the airline said that most of the yield growth was due to multiple fuel surcharges imposed by other carriers on short-haul passengers. Ryanair said that their traffic growth and yields had “benefited substantially” from not imposing fuel surcharges.
Ryanair warned that fuel costs remained high and said that the market was “volatile”. However, the company said that as it was not hedged for the remainder of the summer it stood to benefit from the recent oil price declines. However, Ryanair said that it planned to budget for the volatile winter period, by hedging 75% of next winter’s fuel requirement at rates equivalent to $47 per barrel.
Ryanair also said that advance bookings for the summer months were “strong” and that they had raised their traffic growth forecast for the coming year from 34 million to 35 million as a result.
Commenting on the results, chief executive Michael O’Leary said: “Our outlook for the coming 12 months is more positive than it was this time last year. It is becoming increasingly clear that being the lowest cost operator is the key competitive advantage in our industry. We remain confident that Ryanair’s unique combination of lowest costs, direct flights, brand new aircraft and market leading punctuality will ensure that the travelling public continues to fly Ryanair for the next twenty years, just as enthusiastically as they have in our first twenty.”
(KMcA/SP)
The Dublin-based airline, which was founded 20 years ago, announced net profits of 268.9 million euros today. The company also said that passenger volumes had also increased by 19%, to 27.6 million.
However, average yields (revenue per passenger) only increased by 2%, despite a 16% rise in capacity. Ryanair said that this was partly due to the lower comparables last year (when yields fell by 14%) and continuing capacity reductions by the European flag carriers in markets where they competed against Ryanair. However, the airline said that most of the yield growth was due to multiple fuel surcharges imposed by other carriers on short-haul passengers. Ryanair said that their traffic growth and yields had “benefited substantially” from not imposing fuel surcharges.
Ryanair warned that fuel costs remained high and said that the market was “volatile”. However, the company said that as it was not hedged for the remainder of the summer it stood to benefit from the recent oil price declines. However, Ryanair said that it planned to budget for the volatile winter period, by hedging 75% of next winter’s fuel requirement at rates equivalent to $47 per barrel.
Ryanair also said that advance bookings for the summer months were “strong” and that they had raised their traffic growth forecast for the coming year from 34 million to 35 million as a result.
Commenting on the results, chief executive Michael O’Leary said: “Our outlook for the coming 12 months is more positive than it was this time last year. It is becoming increasingly clear that being the lowest cost operator is the key competitive advantage in our industry. We remain confident that Ryanair’s unique combination of lowest costs, direct flights, brand new aircraft and market leading punctuality will ensure that the travelling public continues to fly Ryanair for the next twenty years, just as enthusiastically as they have in our first twenty.”
(KMcA/SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
24 February 2005
Ryanair's $4bn investment promises 2,500 new jobs
Irish-owned low cost airline Ryanair has announced placing an order for a 140 Boeing 737-800 series aircraft. The $4 billion investment involves a firm order for 70 new aircraft and will result in the eventual creation of more than 2,500 jobs, principally for pilots, cabin crew and engineering staff.
Ryanair's $4bn investment promises 2,500 new jobs
Irish-owned low cost airline Ryanair has announced placing an order for a 140 Boeing 737-800 series aircraft. The $4 billion investment involves a firm order for 70 new aircraft and will result in the eventual creation of more than 2,500 jobs, principally for pilots, cabin crew and engineering staff.
17 December 2008
Revamped Ryanair Offer Shot-Down
Aer Lingus has rejected the Ryanair offer despite a revised bid from the budget airline yesterday. The rejection comes in spite of two major changes to the initial hostile takeover offer, with the Aer Lingus Chairman Colm Barrington dismissing the offer as "nothing new".
Revamped Ryanair Offer Shot-Down
Aer Lingus has rejected the Ryanair offer despite a revised bid from the budget airline yesterday. The rejection comes in spite of two major changes to the initial hostile takeover offer, with the Aer Lingus Chairman Colm Barrington dismissing the offer as "nothing new".
05 January 2010
OFT 'Wrong' Over Ryanair Criticism
Irish budget airline Ryanair has attacked a British fair trading watchdog which said that its payment policy was "puerile and childish".
OFT 'Wrong' Over Ryanair Criticism
Irish budget airline Ryanair has attacked a British fair trading watchdog which said that its payment policy was "puerile and childish".
04 February 2005
Fuel prices cause misery for British Airways
British Airways have reported a dramatic drop in profits in the latest trading figures - £75 million, compared to £125 million in the same period last year. British Airways Chief Executive, Rod Eddington attributed the fall in profits to rising fuel costs, which he said had increased by £106 million (47.3%).
Fuel prices cause misery for British Airways
British Airways have reported a dramatic drop in profits in the latest trading figures - £75 million, compared to £125 million in the same period last year. British Airways Chief Executive, Rod Eddington attributed the fall in profits to rising fuel costs, which he said had increased by £106 million (47.3%).
02 June 2009
Ryanair Flies Low
The budget airline Ryanair - which flies from two bases in Northern Ireland - has revealed financial returns showing a major nosedive in operating profits. Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
Ryanair Flies Low
The budget airline Ryanair - which flies from two bases in Northern Ireland - has revealed financial returns showing a major nosedive in operating profits. Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
