Low cost airline Ryanair has announced record profits of 201.3m, for the half year up to September 30, a 15% rise for the same period in 2003.
The biggest no frills operator in Europe also said its traffic had risen by 24% to a total of 14.1 m passengers and revenue by 21% to 721.1m compared with the same 2003 period
Michael O'Leary, the airline's chief executive, said it was by some distance the most profitable airline in Europe.
He added: “These record traffic and profit figures show just how robust Ryanair's “lowest fares” model remains even in a very difficult economic environment characterised by record fuel prices and intense price competition.”
“This is Ryanair's 30th consecutive quarter of unbroken profitability (before exceptionals) since we floated in May 1997.”
Mr O'Leary said the results had been achieved despite a drop in yield of 5% and the “enormous impact” of increased fuel charges.
He revealed that the airline which has not imposed a surcharge, would be “unhedged” from November 2004 and would “continue to remain so until forward rates return towards their previous “normal” levels.”
He added: “We remain cautious in our outlook for the remainder of the fiscal year. We expect to achieve significant increases in passenger volume growth this fiscal year and increased load factors.
* Ryanair has agreed to pay 4m into an escrow account until its appeal over an EC ruling that it received “illegal” aid from Charleroi Airport in Belgium is heard.
The EC made its ruling last February but Mr O'Leary refused to pay up and took the matter to the European Court of First Instance.
The 4m will be held in an independent.
Ryanair insisted that there was “no requirement” for repayment, saying that its costs in setting up at Charleroi “vastly exceeded any discounts received from the Walloon region.”