RYANAIR has reported record first-quarter results, saying it had benefited from fuel surcharges levied by rival carriers. Net profit rose 21% to EUR64.4m for the three months to the end of June. Traffic was up 30% at 8.5m passengers, in line with a 30% increase in capacity, to leave average loads unchanged at 83% of capacity. Ryanair said fuel surcharges imposed by rivals such as British Airways, Air France and Lufthansa had made its ticket prices more competitive, increasing demand and reducing the need for it to cut fares as it had before oil costs began to soar.
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