RYANAIR STILL CONFIDENT ON AER LINGUS - Ryanair has announced results this morning for the last three months of 2006. They show that profits after tax rose 30% to €47.7m. During that period there was a 19% increase in passengers to 10.3 million.
The company's finance director Howard Millar said the performance was strong, and its new bases were performing well.
Asked it the company was embarrassed at hedging its fuel costs at $73 a barrel when prices had now fallen below $60, Mr Millar said Ryanair was never embarrassed by a 30% increase in profits. He said hedging was not about getting the price right, but providing certainty.
He said the airline was still confident that the European Commission would approve its Aer Lingus takeover proposal, as it had offered a number of competition remedies such as selling off a number of slots. The Commission is conducting a second phase inquiry which should report later this year.
Mr Millar said Ryanair was a long-term holder in Aer Lingus and would be around for 'quite some time'.
He criticised Britain's increase in departure tax, claiming that power generation and road transport were far bigger driver off global emissions than aviation.
***
NEWS IN BRIEF AND MARKETS - The head of Hyundai Motor was sentenced to three years in jail for embezzling funds from the world's number six auto maker. The ruling was a surprise as a suspended sentence had been expected.
Reports from London this morning suggest investment house Texas Pacific is considering a bid for supermarket group Sainsbury.
This morning the euro is worth $1.29 and 65p sterling.
