22 May 2012

Record profit for Ryanair despite rise in fuel costs

10:03 am on 22 May 2012

Ryanair has made a record annual profit due to fare rises, which helped to offset a sharp rise in fuel costs.

The discount European airline's profit jumped by a quarter to 503 million euro in the year to March compared with a year earlier.

Revenue rose by nearly a fifth to 4.3 billion euro due to higher fares and greater partronage, while its fuel bill climbed by almost a third.

But because of the cost of fuel, chief executive Michael O'Leary says Ryanair's profit is likely to fall by up to a fifth over the coming year.

Ryanair is the biggest carrier in Europe and confines itself to short haul routes.