Ryanair have announced increased third quarter profits of €37m.
Traffic grew by 26% to 8.6m passengers, whilst yields were almost flat, as expected, as total revenues rose by 27% to €370.7m. Unit costs increased by 3% (excluding fuel they fell by 6%) as fuel costs rose by 59% to €114.9m.
As a result of these significantly higher fuel costs, Ryanair’s after tax margin, on an adjusted basis for the third quarter fell by 2 points to 10% as adjusted net profit increased by 6% to €37m.
Announcing these results Ryanair’s chief executive, Michael O’Leary, said: “Ryanair’s lowest fare model, yet again, delivered increased profits and passenger growth for the quarter despite the intense competition and the drag on profitability of very high fuel prices.
"Underlying profit growth was strong at 22% as the comparative included the once off release of maintenance provisions related to the return of leased aircraft in November 2004. The Ryanair model has proven that during difficult trading conditions that it can increase profitability and generate significant passenger growth while many of our competitors are reporting falling profits or losing money."