Ryanair has reported pre-tax profits of €57.8m for its first quarter to the end of June, up 28% on the same period last year, as passenger numbers also grew 28% to 6.6 million.
Total revenue was up 23% to €302.8m. Yields - revenue from each passenger - were 6% lower than Q1 last year. The airline had forecast a fall of between 5% and 10%.
Chief executive Michael O'Leary said his prediction for the rest of the year was unchanged, with yields falling 5-10% in Q2 and 10-20% in the winter.
On the current high oil prices, Mr O'Leary said Ryanair was fully hedged until the end of September. He said it would be unwise to lock in at current high prices, adding that the airline could offset higher oil prices with cost savings in other areas. He later told a press conference that Ryanair would resume hedging if the price of oil fell close to $30 a barrel.
Speaking on RTE radio this morning, deputy chief executive Michael Cawley said the rise in oil prices would not lead to higher fares. He said Ryanair would have to manage its other costs to compensate for higher fuel costs.
Mr O'Leary said he remained cautious for the rest of the year, predicting that passenger volumes would grow 20%, while load factors would increase.
Ryanair shares closed eight cent lower at €4.33 in Dublin this evening.
