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Monday, 21 May 2012 08:56

Ryanair posts record profits, cuts Greek routes

Low-cost carrier reports €503 million profit for year to March

The budget airline Ryanair today posted a record net profit of €503 million the year to March, a rise of 25% on the previous year. Revenues were up 19% to €4.3 billion. Fare increases have helped the carrier to overcome a sharp increase in the cost of fuel. While traffic grew by 5%, the airline says, fares increased by 16% on average and this helped to offset a 30% rise in fuel costs.
Meanwhile, Ryanair has confirmed the early cancelations of 82 flights a week to Rhodes and Kos, after local authorities “failed to honour an agreed joint marketing campaign with Ryanair to promote Ryanair’s Rhodes and Kos routes this summer”.

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