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Ryanair lifts passenger target, upbeat on earnings

Staff writer |
Ryanair Holdings raised its full-year passenger target and said earnings would come in at the top end of guidance as it reported first-quarter net profit rose 25%.

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Ryanair said its profit for the financial year ending in March would be at the top end of its guidance of 940 million euros ($1.03 billion) to EUR970 million, since ticket prices during the key summer period were higher than anticipated.

Prices, which had been expected to fall as much as 2% in the first six months through September, now are expected to be flat.

Ryanair said it would likely transport 103 million passengers in the current financial year versus 100 million previously forecast.

Net profit in the first three months ended June 30 was EUR245 million ($270 million) compared with EUR197 million a year ago. Sales advanced 10% to EUR1.65 billion, the Irish carrier said, as it carried 28 million passengers, or 16% more that in the prior-year period.

The carrier said it had taken advantage of recent low fuel costs to lock in lower prices for next year, where it has 70% of costs now secured. At those prices, Ryanair predicts savings of up to EUR250 million for the coming financial year.

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