Ryanair profits from its higher revenues

by Tiffany Millar on November 8, 2011

Ryanair has reported a pleasing 23 per cent rise in its second quarter profits, before saying that its full-year results are going to be better than expected.

The Irish budget airline made pre-tax profits of 463m euros in the three months that lead up to 30 September, an improvement from the 378m euros achieved a year earlier. Ryanair previously said that its annual profits were going to be 10 per cent higher than the previous target that was set.

The carrier said that it is continuing to experience higher revenues per passenger and Michael O’Leary, the chief executive, told the Today programme on BBC Radio 4 that the airline will be sticking to the growth plans it laid out for itself. O’Leary explained how the airline has been expanding rapidly for a couple of decades now and there is thankfully more and more demand from passengers for Ryanair’s services across continental Europe.

Last month, he said that he intended to make sure that the size of Ryanair is doubled over the next 10 years. It was added that the increase in profit came in spite of the economic downturn across Europe. Speaking on this matter, Howard Millar, the airline’s chief financial officer, expanded on the point by saying that Ryanair hasn’t seen any impacts from the recession thus far.

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