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| Ryanair profits jump on traffic and fare rises | Ryanair profits jump on traffic and fare rises |
| (35 minutes later) | |
| Low-frills airline Ryanair has reported a rise in profits thanks to an increase in both passenger numbers and fares. | Low-frills airline Ryanair has reported a rise in profits thanks to an increase in both passenger numbers and fares. |
| Net profit for the six months to the end of September was 596m euros ($765m; £477m), up 10% on the 544m euros the company made a year earlier. | Net profit for the six months to the end of September was 596m euros ($765m; £477m), up 10% on the 544m euros the company made a year earlier. |
| Record half-year traffic numbers and an average 6% rise in fares helped boost revenue by 15% to 3.1bn euros. | Record half-year traffic numbers and an average 6% rise in fares helped boost revenue by 15% to 3.1bn euros. |
| The airline also raised its full-year profit forecast to 490m-520m euros, up from 400m-440m euros. | The airline also raised its full-year profit forecast to 490m-520m euros, up from 400m-440m euros. |
| Conditions 'remain tough' | Conditions 'remain tough' |
| "Our 10% profit increase in the first-half combined with traffic growth of 7% during a period of high oil prices and continuing recession/austerity in Europe was another robust result," the airline said in a statement. | "Our 10% profit increase in the first-half combined with traffic growth of 7% during a period of high oil prices and continuing recession/austerity in Europe was another robust result," the airline said in a statement. |
| Profits exceeded the airline's expectations due partly to strong bookings after the Olympics and lower than forecast fuel costs, it added. | Profits exceeded the airline's expectations due partly to strong bookings after the Olympics and lower than forecast fuel costs, it added. |
| However, overall fuel costs rose by a quarter to 218m euros, as the average cost of oil over the period rose to $98 a barrel from $83 a barrel. | However, overall fuel costs rose by a quarter to 218m euros, as the average cost of oil over the period rose to $98 a barrel from $83 a barrel. |
| Ryanair said it expected "market conditions in Europe to remain tough as recession, austerity, high fuel costs and excessive government taxes dampen air travel demand". | |
| "Further airline failures and consolidation are inevitable," it added. | "Further airline failures and consolidation are inevitable," it added. |