Ryanair reports profits rise in “negative” conditions

LOW-COST carrier Ryanair has seen its profits grow by 44%, from £44 million to £64 million, over the past year despite high oil prices and the outbreak of foot and mouth disease.

The airline, which today released its results for the year ending March 31 2001, also saw passenger numbers go up by 35% from 5.5 million to 7.4 million and revenues rise by 32% from £225 million to £297 million.

Chief executive Michael O’Leary said: “Despite negative market conditions, Ryanair has continued to deliver disciplined growth in fleet, new routes, traffic, revenues and profitability.

“What makes Ryanair different from other low fare airlines, is that although our average air fares are some 30% lower, our profits rise, as our traffic grows and we continue to be profitable in all four quarters.”