RYANAIR STICKS TO FORECASTS DESPITE ASH - For the first three months of its financial year, Ryanair has reported a 24% drop in profit, because of disruptions caused by the volcanic ash cloud. It has though maintained its forecast for full-year earnings growth.
Its net profit for April, May and June was €93.7m, with a cost of €50m for almost 10,000 flights cancelled in April and May.
Ryanair's deputy chief executive Michael Cawley said the airline's net profit excluding ash costs was up 1%, and this gave it confidence to maintain its full-year forecast for 10% to 15% growth in net profit.
Mr Cawley said Ryanair was still only 'scratching the surface' of the European market. He said growth was coming mainly from Spain, Italy and Scandinavia, saying it had come where governments had lowered taxes on travel.
He said that if the Irish Government abolished the tourist tax and reduced airport charges, Ryanair could resume 'spectacular' growth at Irish airports.
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