Ireland-based low-cost carrier (LCC) Ryanair (FR) posted a €99 million ($121 million) net profit for the first quarter ended June 30, down 29% from €139 million year-over-year, largely due to a 27% rise in fuel costs.
First-quarter revenue increased 11% to €1.3 billion compared to €1.2 billion for the same period a year ago. Fuel amounted to 47% of total operating costs, FR said.
“Our 6% traffic growth combined with a 4% rise in average fares led to an 11% increase in revenues,” FR CEO Michael O’Leary said. “Ancillary sales grew by 15% to €286 million—outpacing traffic growth—accounting for 22% of total revenues.”
See the full article at Air Transport World