‘High oil prices will be good for Ryanair’

RYANAIR boss Michael O’Leary yesterday said the group would not be undermined by rising oil prices that are expected to cost the industry $7 billion in lost profits in 2005.

Mr O’Leary, speaking at the company’s AGM, confidently predicted “high oil prices will be good for Ryanair and bad for our competitors.”

Despite the price hike the group will not revise its current year forecast of 35 million passengers carried and profits of €295 million.