Ryanair reports 78% fall in profits

Much of the decline in profits was due to the jump in fuel prices last year.

The airline has also had to write off €222m on its investment in Aer Lingus.

Despite the losses Ryanair is still making money.

It admits it bungled its strategy for buying fuel, paying nearly half a billion more than the previous year.

The airline has also written off €222m on its investment in Aer Lingus.

However, with oil prices down 50% on their record high last July and Europe in recession, Ryanair believes it can thrive.

It says it can make a profit of between €200m and €300m next year.

The airline says it will not be growing in Ireland, blaming the Government's €10 passenger tax.

It said that levy is making Ireland uncompetitive and costing jobs in tourism.