Ryanair reports record profit for the year

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Irish-based budget airline Ryanair published its full-year financial results on Tuesday (5 June), reporting a record net profit of EUR401.4m, up 33% over the previous year.

Revenues for the year ended 31 March 2007 increased by 32% to EUR2.24bn.

During the year the carrier's traffic grew by 22% and 30 new aircraft were acquired, taking the total fleet to 133 aircraft. In addition Ryanair opened 153 new routes and three new bases, at Marseille, Madrid and Bremen.

Fuel costs increased to EUR693m, up 50% compared to the prior year.

Ryanair's CEO Michael O'Leary said that the company was cautious regarding the coming year and profit growth is expected to be more modest, rising by approximately 5%.

The majority of the annual profit will be generated in the first half of the fiscal year, with a consequent reduction in profitability and perhaps even small losses being recorded during the third and fourth quarters.

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