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10/06/2002
Ryanair reveal record yearly profits
Low-cost airline, Ryanair has revealed record profits in its latest yearly financial report.
The company made 172 million euros in the past financial year compared with 123 million euros in the previous 12 months while passenger numbers increased by 38% to 11.1 million.
This is in sharp contrast to British Airways, which two weeks ago reported its biggest loss since privatisation.
Commenting on the figures, Ryanair's chief executive, Michael O'Leary, said: "This is another set outstanding financial results from Ryanair despite the impact on the airline sector of both the foot and mouth outbreak in the UK and the tragic events of September 11 in the United States."
Mr O'Leary also attacked German competitor Lufthansa who, he said, predicted a lack of interest in his company's offers by the German market. He added: "German consumers love a bargain and now that there is a real choice over Lufthansa's high fares."
He also dismissed the suggestion that the merger between rivals easyJet and Go would make the market tougher for Ryanair.
Mr O'Leary said all three low-cost carriers were competing with the high fare carriers, such as BA and Lufthansa, but at the lower end of the market, easyJet and Go didn't really compete with Ryanair because they were trying to be a slightly lower fare carrier at the main airports.
(MB)
The company made 172 million euros in the past financial year compared with 123 million euros in the previous 12 months while passenger numbers increased by 38% to 11.1 million.
This is in sharp contrast to British Airways, which two weeks ago reported its biggest loss since privatisation.
Commenting on the figures, Ryanair's chief executive, Michael O'Leary, said: "This is another set outstanding financial results from Ryanair despite the impact on the airline sector of both the foot and mouth outbreak in the UK and the tragic events of September 11 in the United States."
Mr O'Leary also attacked German competitor Lufthansa who, he said, predicted a lack of interest in his company's offers by the German market. He added: "German consumers love a bargain and now that there is a real choice over Lufthansa's high fares."
He also dismissed the suggestion that the merger between rivals easyJet and Go would make the market tougher for Ryanair.
Mr O'Leary said all three low-cost carriers were competing with the high fare carriers, such as BA and Lufthansa, but at the lower end of the market, easyJet and Go didn't really compete with Ryanair because they were trying to be a slightly lower fare carrier at the main airports.
(MB)
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