Ryanair post Q3 figures

 

Ryanair has stated how its future does not in any way rely upon the Irish economy and expects full year profit of between €380m and €400m.

Chief Executive, Micahel O'Leary, released a statement to the press earlier today to announce the airline's Q3 results, saying how he was surprised that negative comments concerning the Irish economy overall clouded the analysis of the company's profitability.

"Some commentators misunderstand that over recent years, due to high airport costs at Shannon and Dublin, as well as rapid capacity growth in lower cost markets like Spain and Italy, Ireland has fallen from over 20% of Ryanair's originating traffic to less than 10%," the statement continued.

In the third quarter of the year, the airline recorded a loss of €10m, slightly 'better' last year's €11m loss, nevertheless O'Leary called the result "disappointing", blaming the air traffic control strikes and severe weather conditions that have caused significant problems for the European aviation industry this year. Over 3,000 flights were cancelled due to bad weather during Q3.

Responding to the effects of such cancelations, O'Leary repeated his call for the EU261 rules to be examined and reformed, saying how airlines should not be liable to pay compensation to passengers for cancellations which fell outside their control.

The airline also reported how revenues had increased by 22%, reaching €746m , and that traffic overall increased 6%, with average fare increasing 15%. Flying hours increased by 14%, however this all resulted in a corresponding rise in costs. Ryanair reported that 37% of all costs went on fuel alone.

Rather than being a victim of the collapse of the Irish economy, the airline believes it can be part of the solution, in helping to boost Irish toursim. O'Leary called for the travel tax to be scrapped and for an increase in competition in at operating terminals and airports.