Ryanair see profits slump

Third quarter profits show large loss

Travel Insurance News - 06/02/2008

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Tougher operating conditions and rising airport charges have been blamed for the huge slump in profits for the buget airline Ryanair. Europe's largest airline warned that the worsening economic environment in Europe and a high price for oil would mean next years results would also show a fall in profits, by as much as 50 per cent.

The airline blamed the higher cost of fuel and longer routes and an increase in the number of flights would lead to "significantly higher costs". In the three months to the end of December, Ryanair reported a fall in income from 48 million Euros to 35 million. These figures were inspite of a 21 per cent increase in passenger numbers and a 16 per cent rise in reveue. Ryanair expect to see a net income of 470 million for the whole year.

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