RYANAIR SEES PROFIT DROP

Ryanair has this week announced that in the first quarter of its fiscal year, from April to June, the company made a net profit of 78 million euro, representing a 21% drop on the same period last year. However, despite that figure, the airline also increased its “ancillary revenue” by 25%, thanks to increased priority seating reservations, administrative fees and fees for credit card payments.

In a statement, the airline attributed the drop in profit to the high cost of fuel and strikes by French air traffic controllers during those three months, as well as Easter falling outside this period.

“As always, our full year forecasts are cautious because the market conditions are hit hard by the recession, austerity, high fuel costs and the excessive impact of taxes on Aviation of the Government”, said chief executive, Michael O’Leary, who is confident that the company will end the year with a 3% increase in passenger traffic, reaching 81.5 million users, after they transported 23.2 million in the first quarter, down 3% on 2012.

Filed under: http://www.theleader.info/article/40115/

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