Ryanair profits climb despite soaring fuel costs

0 Comments | AFP, June, 2008

LONDON (AFP) — Irish low-cost airline Ryanair said Tuesday that net profit jumped by a fifth to a record 481 million euros (749 million dollars) in 2007-08 despite surging jet fuel costs.

Net profit soared by 20 percent in the 12 months to March 31, 2008, from 401 million euros in the previous financial year, Ryanair said in an earnings release.

Revenues rose by 21 percent to 2.714 billion euros in 2007-08, while passenger numbers leapt 20 percent to 50.9 million people.

"The over-riding concern for airlines, passengers and investors currently is the irrational price of oil. Currently we face a price of 130 dollars a barrel," said Ryanair chief executive Michael O'Leary in the statement.

He added: "We believe that our earnings will rebound strongly...