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Ryanair reports first loss in 20 years
Tuesday 2nd June 2009, 10:08AM BST.
Ryanair has reported its first ever annual loss, announcing €169 million (£146 million) was lost in the year up to March.
The loss comes a year after the budget airline recorded profits of €481 million.
The drop came as Ryanair was forced into a 222.5 million write-down of its 29.8 per cent in Aer Lingus.
Ryanair’s chief executive Michael O’Leary launched a takeover bid for the struggling airline last year but was rejected by the Irish government.
The rejection left Mr O’Leary unable to counter Aer Lingus’s deteriorating performance and falling share price.
The airline was also hit by high oil prices after it was forced to spend €1.26 billion on fuel last year, up from €791.3 million the year before.
Oil prices hit record highs of $147 a barrel last summer, before tumbling to just over $30 in December as the global recession struck.
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