RYANAIR
has seen first quarter profits rise by 68% to €39 million.
Passenger
traffic for the low-cost carrier rose by 38% to €3.54 million due to a 7%
reduction in average air fares.
On
the back of the profits rise, Ryanair chief executive Michael O’Leary is to add
three more aircraft to its fleet next year, and has forecast future growth to
reach 30% for the next two years to just under 20 million passengers in
2003/04.
He
said: “This record increase in Ryanair’s quarterly profits is a direct result of
the key elements of our unique low fares model: very strong
traffic
growth in all our new and existing markets; extremely disciplined
cost-management; and using these lower costs to drive
down
airfares for our customers.”