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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Ryanair returns to profit in first quarter AFP - Tuesday, July 28 LONDON (AFP) - - Irish low-cost airline Ryanair said Monday that it returned to profit in the group's first quarter but maintained a cautious outlook for the rest of the year. ADVERTISEMENT Net profits stood at 123 million euros (175 million dollars) in the three months to the end of June, the carrier said in a results statement. That contrasted with a net loss of 90.5 million euros in the equivalent period of the previous financial year. Ryanair warned however that the results reflected plunging fuel costs, and had benefited from earnings during an Easter holiday which fell in April this year instead of in March, as in 2008. "These quarterly results are distorted by a 42-percent reduction in fuel costs," said chief executive Michael O'Leary. "Fuel costs fell by 42 percent to 214 million euros as we reaped the benefit of not engaging in fuel hedging last year when prices were high." Hedging is a practice of betting against future oil-price volatility by buying future fuel deliveries at pre-determined prices. Jet fuel, or kerosene, is refined from crude oil. Ryanair added that sales were steady at 774.7 million euros, as an 11-percent increase in passengers was offset by a 13-percent fall in fares. "Our outlook remains cautious for the remainder of the fiscal year," added O'Leary in the quarterly results statement. "Traffic growth is strong but at much weaker yields due to the recession and the impact of tourist tax in Ireland and the UK. "We have limited visibility beyond the next two months but expect passengers to be very price sensitive for the rest of the year." O'Leary noted that the results were a solid achievement in the middle of a deep global recession when many of Ryanair's competitors were doing much worse. The group's net profit margin at 18 percent was the best in the sector, he added. "Ryanair will be the only major European airline to deliver passenger and profit growth in the current year," O'Leary said. "The winners in a deep recession will always be those companies like Aldi, Lidl, McDonalds, and Ryanair who offer the lowest prices and the best service to consumers." Ryanair also forecast that its annual net profit would be at the lower end of market expectations of between 200-300 million euros, citing steep cuts in air fares. Last month, the airline has posted an annual net loss of 169 million euros for the 12 months to the end of March, blaming high fuel costs and a massive writedown on its stake in Aer Lingus. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Most Popular – Top Stories Viewed Ex-boxing champ Forrest shot in back and killed Lost love letter reunites couple after 16 years Rich countries corner supplies of swine flu vaccine Massive quake moves NZealand closer to Australia Harry Patch, last veteran of World War I trenches, dies at 111 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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