Ryanair profits up
Tuesday 3rd June 2008, 8:57AM BST.
Ryanair has announced a 20 per cent rise in annual profits today.
Net profit before one-off items rose to £381 million for the 12 months ending March, compared to £318 million last year.
The budget airline, however, warned that unless oil prices fell from their current level at $130 (£66) a barrel, it could only expect to break even next year.
Rising oil prices and the continuing economic slowdown are having considerable negative effects for the airline business.
Last week, the Silverjet airline was forced to suspend all flights after failing to secure funding.
In a statement Ryanair chief executive Michael O’Leary said: “Based on forward bookings, we now believe it likely that average fares for the coming year will rise by approximately five per cent and if oil prices remain at $130 (£66) per barrel, then we expect to accordingly break even for fiscal 2009.”
Last month the airline announced it is to increase check-in charges from £1 to £4 per passenger and from £2 to £8 per item of luggage in a bid to reduce airport costs.
Mr O’Leary told the BBC this morning: “We are trying to persuade passengers to carry hand luggage, and to fly in a way that cuts our costs to a minimum.
“If you want additional services like checking in a bag, or using a credit card to pay, you have to pay for those services.”
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