Ryanair annual profit jumps on higher demand, fares

Irish no-frills carrier Ryanair on Monday
said group net profit jumped a third to 1.92 billion euros in its financial
year as higher demand and fares offset ballooning fuel costs.

Profit after tax climbed 34 percent to the equivalent of $2.1 billion in the
12 months to the end of March for the airline that flies mostly across
Europe, Ryanair said in an earnings statement.

The Dublin-based carrier added that demand rose nine percent to almost 184
million passengers. Revenue jumped a quarter to 13.4 billion euros.

This helped offset a fuel bill up almost around a third to 5.1 billion euros.

Ryanair forecast it could fly up 200 million passengers in the current
financial year, as the aviation sector continues a strong recovery after the
world emerged from Covid lockdowns.

“The final outcome… will be heavily dependent upon avoiding adverse
events,” chief executive Michael O’Leary said in the statement.

He added that the airline risked disruption to flights from the Ukraine and
Gaza wars, in addition to “extensive air traffic control disruptions or
further Boeing delivery delays”. (BSS/AFP)