A decision not to hedge fuel bills when prices were high plus rising passenger numbers helped Ryanair record a 136.5 million euros net profit between April and June, up 21m on last year.
Passenger numbers grew by 11% in the same period compared to last although revenues fell and the company said annual profits would be lower than expected since fares needed to be so low to attract customers.
The airline expects to increase passenger numbers by 15% to 67m people this year. It spent 42% less on fuel, thanks to not hedging, but a spokesman said Ryanair was remaining cautious. It has reduced fares by an average of 13% over the three months to June 30.
By Dinah Hatch
