Ryanair today revealed a further hit from its unsuccessful attempt to gain control of Aer Lingus after writing down its investment in the carrier by a further €222.5 million - an execeptional cost which helped drag Ryanair into the red for the year. Figures out today show Ryanair recorded an underlying pre-tax profit of €93 million for 2008/09 - itself sharply down on the €529 million pre-tax profit recorded in 2007/08 largely driven by a near 60% jump in its fuel costs. But exceptionals, largely comprising the writedown on its 29.8% stake in Aer Lingus and a €51.6 million accelerated deprecation charge on aircraft disposals, dragged its full-year pre-tax figure to a €180.5 million loss after exceptional items. Ryanair had already made a €91.6 million write down on the Aer Lingus stake in its 2007/08 financial year and now values its stake in Aer Lingus at €93 million.
Ryanair though does expect net profits (excluding exceptionals) to more than double for the coming year as it takes the benefits from far lower fuel bill this year - it is already largely hedged for the first three quarters of the year and says is on course to cut €450 million from its fuel bill.
For more details, here is the Ryanair release.