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Ryanair delivers profits upgrade | All Insurance of Information

The Dublin-based operator reported better-than-expected profits of 15 million euro (£12.6 million) for the three months to December 31 and said the figure for the year to March 31 should now hit 480 million euro (£403.2 million).

That is better than the 440 million euro (£369.6 million) predicted in November, which itself represented a 40 million euro upgrade (£33.6 million) on its previous estimate.

The quarterly improvement , which compares with widespread snow closures at airports during the previous December, came despite an 18% rise in fuel costs, which Ryanair said it offset by “aggressively” controlling costs.

However, it is braced for its fuel bill in the next financial year to increase by a further 350 million euro (£294 million), which it warns will pose a “ significant cost challenge”.

It has paid for 90% of its fuel in the first half of the year at around 99 US dollars a barrel and at 100 US dollars for 70% of the second half.

The airline carried 17 million passengers in the quarter to December 31, a fall of 2%, but revenues were up 13% to 746 million euro (£626.6 million). The profits figure of 15 million euro, compared with a loss of 10 million euro (£8.4 million) a year earlier.

The company has pulled 80 of its aircraft to reduce winter losses amid the soaring fuel prices and cut traffic by 2% over the quarter.

James Cooke, an analyst at Panmure Gordon stockbrokers, expects further profits growth after the figures came in ahead of expectations . He added: “Despite the tough market conditions, we expect average fares to rise strongly in the coming years, driven by a deceleration – and eventual standstill – in capacity growth and higher competitor fares.

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