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15

Ryanair Profits Hit 172 million Euros

The low cost airline Ryanair made record profits of 172m euros in the...

The low cost airline Ryanair made record profits of 172m euros in the last financial year.

It is also carrying 38% more passengers than a year ago.

This is in sharp contrast to British Airways, which two weeks ago reported its biggest loss since privatisation.

Ryanair's chief executive, Michael O'Leary, told the BBC Radio 4 Today programme that the results were a tremendous success.

"Bear in mind this is a year that covers not only September the 11th, but foot and mouth disease in the first part of the year," he said.

He said he expected traffic to grow by more than 35% over the next two years.
And he dismissed the suggestion that the tie-up between rivals Easyjet and Go would make the market tougher for Ryanair.

"We're all competing with the high fare carriers, BA and Lufthansa.

"But at the lower end of the market, Easyjet and Go don't really compete with Ryanair," Mr O'Leary said.

"We would be a low fare carrier and they're trying to be a slightly lower fare carrier at the main airports," he added.
The chief executive insisted that he could still go on cutting fares and increasing profits.

"I think we're following almost the supermarket model where you're piling it higher and selling it cheaper and making a little bit more money each time," he said.

Author: Neftegaz.ru