Ryanair has reported an annual loss but has vowed to cut average fares by a fifth this year.
The airline has fallen to a pre-tax loss of 180.4m euros in the 12 months to the end of March but the airline’s chief executive Michael O’Leary was typically ebullient, saying that the low-cost carrier would emerge from the recession stronger than before.
In 2008 the airline made a profit of 438.9m, which includes the value of its stake in Aer Lingus, but even without that it was still in the black to the tune of 481.1m euros profit.
Ryanair says it plans to redress the imbalance this year by boosting its market share, slashing fares further. It projects increasing profits in the current financial year to between 200m and 300m euros, O’Leary promising to emulate the success of the likes of Aldi, IKEA and McDonalds in their own retail field.
By Dinah Hatch
