Ryanair has reported pre-tax profits of €128.6m for its first financial quarter to the end of June, a jump of more than 75% on the same period last year, despite a 52% rise in fuel costs.
Passenger numbers rose by 25% on the same period last year to 10.7 million, while total revenue rose 40% to €566.6m. Average fares rose by 13%, but chief executive Michael O'Leary said this would not be maintained for the rest of the year.
He said the 'bumper' first-half profits were helped by the presence of Easter in the figures this year, fuel surcharges imposed by rivals and the initial impact of its introduction of charges for baggage. Average fares rose by 13% in the quarter.
Fuel costs were up 52% to €167.5m, though costs fell 2% excluding fuel. The airline has extended its hedging position, and now has 90% hedged to the end of October at $70 a barrel and 90% for November and December at $74 a barrel.
Mr O'Leary warned, however, that the airline was cautious on the outlook for the rest of its financial year. He said Ryanair expected more difficult trading conditions this winter, as it planned substantial route expansion. Mr O'Leary warned that the airline may even sustain a loss in its fourth quarter if oil prices moved above $74 a barrel.
Ryanair shares closed down 16 cent at €7.63 in Dublin this evening after the cautious outlook.
