Menu
27/07/2011
Fare Increases For 'Profitable Ryanair'
The Irish 'budget airline' Ryanair has reported a jump in first quarter profits and passenger numbers.
However, it still aims to push up fares, which the firm said would rise by an average of up to 12% in the year to the end of March 2012 as fuel prices rise.
That's even though it has already bought 90% of its fuel for this year, and while at a price 18% above last year's, this is still below current prices.
The rise is in spite of pre-tax profits for the three months to the end of June came in at 156.6m euros ($225m; £138m), up 50% from the same period last year, with passenger numbers rising 18% to 18m.
Ryanair boss Michael O'Leary insisted it was necessary to increase fares as user numbers hit by the "unnecessary airspace closures" due to the ash cloud from a volcano in Iceland in the same period of 2010.
"Significantly higher revenues were largely offset by higher operating costs as fuel rose 49%," he added.
Also, Ryanair has already announced plans to cut its winter capacity as a result of higher fuel costs.
But, it maintained its forecast for profits after tax in the full year at €400m.
This is also happening with the rival budget airline Easyjet, which has raised its profit, forecast for the year, saying its new strategy, which includes appealing to more business customers, was seeing "good progress".
Its passenger numbers increased by 17.3%, close to Ryanair's 18% growth.
(BMcC/KMcA)
However, it still aims to push up fares, which the firm said would rise by an average of up to 12% in the year to the end of March 2012 as fuel prices rise.
That's even though it has already bought 90% of its fuel for this year, and while at a price 18% above last year's, this is still below current prices.
The rise is in spite of pre-tax profits for the three months to the end of June came in at 156.6m euros ($225m; £138m), up 50% from the same period last year, with passenger numbers rising 18% to 18m.
Ryanair boss Michael O'Leary insisted it was necessary to increase fares as user numbers hit by the "unnecessary airspace closures" due to the ash cloud from a volcano in Iceland in the same period of 2010.
"Significantly higher revenues were largely offset by higher operating costs as fuel rose 49%," he added.
Also, Ryanair has already announced plans to cut its winter capacity as a result of higher fuel costs.
But, it maintained its forecast for profits after tax in the full year at €400m.
This is also happening with the rival budget airline Easyjet, which has raised its profit, forecast for the year, saying its new strategy, which includes appealing to more business customers, was seeing "good progress".
Its passenger numbers increased by 17.3%, close to Ryanair's 18% growth.
(BMcC/KMcA)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
14 June 2010
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
04 February 2005
Fuel prices cause misery for British Airways
British Airways have reported a dramatic drop in profits in the latest trading figures - £75 million, compared to £125 million in the same period last year. British Airways Chief Executive, Rod Eddington attributed the fall in profits to rising fuel costs, which he said had increased by £106 million (47.3%).
Fuel prices cause misery for British Airways
British Airways have reported a dramatic drop in profits in the latest trading figures - £75 million, compared to £125 million in the same period last year. British Airways Chief Executive, Rod Eddington attributed the fall in profits to rising fuel costs, which he said had increased by £106 million (47.3%).
01 October 2001
Government scheme tackles fuel poverty
At least 20,000 homes throughout Northern Ireland are set to benefit from the £4 million Warm Homes Scheme by the year 2004. Speaking on Monday October 1, the Minister for Social Development, Maurice Morrow said: “Tackling fuel poverty is an important priority for my Department.
Government scheme tackles fuel poverty
At least 20,000 homes throughout Northern Ireland are set to benefit from the £4 million Warm Homes Scheme by the year 2004. Speaking on Monday October 1, the Minister for Social Development, Maurice Morrow said: “Tackling fuel poverty is an important priority for my Department.
20 September 2011
Gas Price Hike 'Sweetened'
The gas supplier, Firmus Energy has ended its previously announced summer price freeze and is set to increase tariffs by over 35% from 1 October - fuelling fears over 'fuel poverty' among the most needy - but also pointing to a better deal on discounts for users.
Gas Price Hike 'Sweetened'
The gas supplier, Firmus Energy has ended its previously announced summer price freeze and is set to increase tariffs by over 35% from 1 October - fuelling fears over 'fuel poverty' among the most needy - but also pointing to a better deal on discounts for users.
20 April 2004
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
-
Northern Ireland WeatherToday:A rather cloudy start with patchy mainly light rain, but becoming brighter through the day as the rain turns more showery, the best of any sunnier spells in the south. Maximum temperature 16 °C.Tonight:A few bright spells at first and any showers gradually dying out. Low cloud and mist or drizzle over northern coastal parts will spread south to most areas overnight. Minimum temperature 7 °C.
