Low cost airline Ryanair has reported a 61% increase in first quarter profits ended 30 June - a record increase for the carrier. Net profit for the quarter was Euro 39 million ($38 million), up from Euro 23.2 million in the same quarter last year on the back of a 38% increase in passenger numbers to 3.54 million. The traffic hike, Ryanair says, is largely due to a 7% reduction in average air fares. Total revenues grew by 29% to Euro194.3 million compared with Euro 150.8 million for the same quarter last year and operating expenses rose by 22% to nearly Euro 149 million. Load factor was up 6% to 83%. Ryanair chief executive Michael O'Leary says: "The record increase in quarterly profit is a direct result of very strong traffic growth in all our new and existing markets and extremely disciplined cost management." In the past year the airline has launched 10 routes from its Frankfurt Hahn hub in Germany and eight services from its UK base at London Stansted. To satisfy increasing demand, Ryanair is converting three more of its 50 Boeing 737-800 rolling options into firm orders. The deal brings to 13 the number of new aircraft scheduled to enter service with Ryanair by the middle of next year.
Source: Flight International
