Ryanair reports better than expected profits for the year

Airline Industry Information, May 31, 2005

AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD

Ryanair, the Irish budget airline, has reported profits that were stronger than expected.

The airline reportedly said that the stronger profits were due to cost control and growth in passenger numbers and routes in Western Europe. Ryanair said that its net profit increased by 29% to USD330.7m for the year that ended 31 March. The result is about 10% better than predicted by most analysts, The Associated Press reported. The airline's revenues for the year increased by 24% to USD1.66bn.

Ryanair's CEO Michael O'Leary said that the airline predicts an even better result for 2006.

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