Profits rise but Ryanair shares fall

SHARES in Ryanair slid by nearly 3% yesterday despite the airline announcing a 6% rise in third-quarter profits.

The airline, Europe’s largest low cost carrier, said net profits in the three months to end December 2005 were €36.8 million, compared with €34.8m in the previous year.

However, the shares fell as the airline reiterated that it is sticking with its forecast of full year profits of around €295m, despite some analysts expecting the airline to exceed €300m. The shares fells as much as 37 cent, or 4.8%, at one point yesterday. They ended the day down 20 cent at €7.52.