Ryanair Profits 'Flying' By 200%

Ryanair - which flies from George Best Belfast City and the City of Derry Aiport in NI - has today announced full year profits of €319m, an increase of over 200% on last year's results.

Announcing the results, the budget flyer said it is proposing to pay a one-off dividend of €500m equal to €0.34 per share, this October, subject to shareholder approval at its September AGM.

Today's statement also revealed that the ash cloud disturbance from Icelandic volcano Eyjafjallajökull had led to cancellation of 9,400 Ryanair flights and the loss of 1.5m passengers up to the 18th of May.

Ryanair's Chief Executive Officer, Michael O'Leary, (pictured) said that factors accounting for their increase in profits despite the continuing financial stagnation included a growth in traffic of 14%, and the acquisition of eight new bases at Bari, Brindisi, Faro, Leeds, Oslo Rygge, Pescara, Porto, Trapani, 284 new routes.

Mr O'Leary said Ryanair can be proud of delivering a 200% increase in profits and traffic growth during a global recession when many of their competitors had announced losses or cutbacks and others had gone bankrupt.

Ryanair's Deputy Chief Executive Michael Cawley said the airline will probably "regress" in Ireland if airports continue to raise prices, and said it will operate fewer flights from Dublin this winter.

(DW/GK)