There should be cause for celebration in Ryanair's austere HQ, revenues for Ireland's largest airline on September 30th 2009 were up by 80% compared to last year. But it is not as it seems - despite a rise in passenger numbers by 15% to 36,400,000 ... the lower fares meant declining profits here, masked by a massive reduction in fuel costs.
CEO Michael O'Leary gave the details: "Ryanair's ability to grow both traffic and profits during the half year is a testament to the strength of Ryanair's lowest fare model, and our relentless cost discipline. However these results are heavily distorted by a 42% fall in fuel costs, which has masked a significant 17% decline in average fares."
He is, however, adamant as ever that Ryanair will "be substantially profitable, at a time when many of our competitors are losing money, consolidating or going bust."
CEO Michael O'Leary gave the details: "Ryanair's ability to grow both traffic and profits during the half year is a testament to the strength of Ryanair's lowest fare model, and our relentless cost discipline. However these results are heavily distorted by a 42% fall in fuel costs, which has masked a significant 17% decline in average fares."
He is, however, adamant as ever that Ryanair will "be substantially profitable, at a time when many of our competitors are losing money, consolidating or going bust."
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