Ryanair carried 1.292 million passengers last month, up 46% on February 2002, and up from 1.251 million passengers in January.
The airline also said that its load factor, or number of seats sold, was 81%, down from 82% in February 2002, but 5% higher than in January 2003.
At the close in Dublin, Ryanair shares were 35 cent lower at €5.60.
