Ryanair to cut costs further to offset fuel price hikes as profits soar to €52.6m

RYANAIR'S ability to make profits will not be curtailed if oil prices double to €80 a barrel, the airline's chief executive Michael O'Leary revealed last night.

He made the comments after Ryanair Holdings Plc disclosed first-quarter profits exceeded forecasts and rose 30% to €52.6 million, as it attracted more passengers and increased revenue from commissions on car rentals and hotel rooms.

Net income was €52.6m, or 6.9 cents a share, for the three months ended June 30, from €40.5m, or 5.3c, a year earlier. Revenue grew by 23% to €302.7m.