O’Leary downplays Ryanair profits

Ryanair remains on course for record full-year profits, after delivering strong third- quarter growth, including net profits of nearly €15 million.

Chief executive Michael O’Leary downplayed the figures — saying they compared to a bad corresponding weather-hampered quarter in the preceding year, which had resulted in a third quarter net loss of €10.3m — but still said that the company should come close to recording record profits for the year to the end of March. Indeed, on the back of the latest figures, Ryanair has — for the second consecutive quarter — increased its full-year net profit guidance by 10%; saying the final figure should amount to €480m and not the previously anticipated €440m.

During the three months to the end of December, Ryanair’s passenger numbers dipped by 2% to 16.7 million. However, after-tax profits amounted to €14.9m and basic earnings per share came to 1.02c.