Ryanair post blossoming half-year results

Low-cost Irish carrier Ryanair has announced record passenger levels for the first half this financial year.

According to figures published today the Irish budget airline carried 7.84 million passengers in the six months ending September 30, 2002 - up 37% on the same period last year.

After-tax profits for the April-September 2002 period rose 71% to a new record of €150.9m.

"Traffic and revenue growth has been remarkably strong across all markets," Ryanair's chief executive Michael O'Leary said.

"Ryanair’s average fares continue to be over 50% lower than our nearest competitor and up to 80% lower than Lufthansa and British Airways. Our increased profitability at these lower fares gives Ryanair even more capacity to reduce airfares, and further stimulate load factors, traffic and growth."

In the last year the company's fleet rose to 44 aircraft, which enabled the low-cost airline to operate ten routes from their new Frankfurt Hahn base, as well as seven new routes from London Stansted. Two new routes were also added to their Brussels base and one each at Glasgow, Shannon and Dublin.

Mr O' Leary said: "At a time when most of our high fare competitors in Europe were reducing capacity and increasing fares, Ryanair was stepping up its growth, and doing so profitably.

"Our profits for the half-year already exceed the total profits for the entire previous year, and this is a remarkable achievement at a time when we are still opening up new routes and driving down airfares."

(AMcE)