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Ryanair announces ‘modest’ increase in profit
Ryanair has reported a 4% rise in profit for the first quarter of 2016, to €256 million, with average fares falling 10%.
The average fare fell to €39.92, while traffic grew 11% to 31m during the three months the end of June.
Ryanair chief executive Michael O’Leary said: "This modest 4% increase in Q1 profit to €256m is in line with previous guidance.
"The absence of Easter in Q1 and on-going market volatility arising from terrorist events, and repeated ATC strikes (particularly in France) weakened fares on close-in bookings and caused almost 1,000 flight cancellations.
"We remain committed to our load factor active/yield passive strategy which is why Q1 fares fell 10% to under €40.
"Traffic rose 11% and load factor improved two points to 94% as our Always Getting Better (AGB) customer experience programme continues to win new customers and new markets."
Ancillary sales rose to 26% of revenues up from 24% in the first quarter of the previous year.
O’Leary said the airlines four new summer 2014 bases, Belfast, Corfu, Ibiza and Santiago ‘are performing well with strong advance bookings’.
He added the airline will open 133 new routes during winter 2016, but will close its Oslo Rygge base in October, as a result of the introduction of an €8.50 air travel tax in Norway.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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