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Article: Ryanair's profits soar as fuel costs plummet; But cut-price fares mean we'll soon be losing money, say bosses.(News)(Financial report)
- Article from:
- Daily Mail (London)
- Article date:
- November 3, 2009
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Byline: Irish Daily Mail Reporter
FALLING fuel costs have helped to boost Ryanair's profits, the budget airline has said.
But it warned that cut-price fares would result in losses for the rest of the year.
Pre-tax profits were E419.4million in the six months to September 30 - up from E105.2million last year - but bosses said the results were 'heavily distorted' by a 42 per cent drop in fuel costs.
Management explained that this masked a 17 per cent decline in average fares and said that prices would fall 20 per cent over the rest of the year, resulting in losses for the last two quarters.
The airline carried 36.4 million ...