This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7705500.stm

The article has changed 5 times. There is an RSS feed of changes available.

Version 1 Version 2
Ryanair upbeat as profits fall Fuel costs dent Ryanair profits
(about 1 hour later)
Profits at budget airline Ryanair have fallen 47% in the first half of the financial year, due to a doubling of the price of fuel.Profits at budget airline Ryanair have fallen 47% in the first half of the financial year, due to a doubling of the price of fuel.
Net profits in the six months to the end of September stood at 214.6m euros (£169m; $277m) compared with 407.6m euros a year earlier, the firm said.Net profits in the six months to the end of September stood at 214.6m euros (£169m; $277m) compared with 407.6m euros a year earlier, the firm said.
Oil prices have fallen, but Ryanair said it expects to make a loss in the last six months of the financial year.Oil prices have fallen, but Ryanair said it expects to make a loss in the last six months of the financial year.
The Irish airline is reported to be planning low-cost flights to the US. The Irish airline is also confirmed it is working on a new service to the US.
However, chief executive Michael O'Leary told BBC News Ryanair would only launch transatlantic routes if it could secure cheap long-haul aircraft from rivals.
"We haven't managed that yet, but we are hoping that in the middle of this recession... that that opportunity might arise in the next 12 or 18 months," he said.
'Cost advantage'
The number of passengers using Ryanair grew by 19% to 32 million between April and September.The number of passengers using Ryanair grew by 19% to 32 million between April and September.
Despite the economic slowdown, it expects passenger numbers to rise a further 9% this winter, as travellers switch from full-service airlines.Despite the economic slowdown, it expects passenger numbers to rise a further 9% this winter, as travellers switch from full-service airlines.
'Cost advantage'
Airlines worldwide have struggled as fuel costs soared earlier this year.Airlines worldwide have struggled as fuel costs soared earlier this year.
As a result, a number of airlines have gone out of business, and Ryanair predicts more will follow in the coming months.As a result, a number of airlines have gone out of business, and Ryanair predicts more will follow in the coming months.
Oil prices peaked at more than $140 a barrel in July but have since fallen to less than $70.Oil prices peaked at more than $140 a barrel in July but have since fallen to less than $70.
Chief executive Michael O'Leary said that if oil prices remained below $80 a barrel then profits would recover. Mr O'Leary said that if oil prices remained below $80 a barrel then profits would recover.
"We have a significant cost advantage over our competitors, many of whom have hedged fuel next year at significantly higher levels than current market prices," Mr O'Leary said."We have a significant cost advantage over our competitors, many of whom have hedged fuel next year at significantly higher levels than current market prices," Mr O'Leary said.
"This will force competitors to further increase air fares and widen the price gap between them and Ryanair's lowest fares," he added."This will force competitors to further increase air fares and widen the price gap between them and Ryanair's lowest fares," he added.