Ryanair’s profits rise by 16%

RYANAIR has reported a 16% rise in after-tax profits despite a 12% fall in ticket prices to prop up sales on new destinations.

The low fares airline said after-tax profits for the six months to end September were €175.5 million, ahead of expectations even though some routes out of Scandinavia and France had fewer than anticipated passengers and average fares, or yields, were down 12%.

Part of this reduction was due to the weakness of sterling against the euro and from the aggressive price-cutting to sell seats on the new routes.