Ryanair Posts Q1 Results: Profit Rise by 152%

 Ryanair, Europe’s prominent low fares airline, recently announced its Q1 2014 fiscal results, revealing a net profit of some €197 million, an increase of 152% on last year. Despite the impressive result, the airline, whose interest in Cyprus Airways has been greatly discussed in the local media, has cautioned that this result may be distorted by the timing of a very strong Easter in Q1, with no holiday period in the prior year comparable.

 Meanwhile, passenger traffic grew to 24.3 million, as load factors rose by 4% points to 86%.  The average flight fare rose by 9%, boosted by a strong Easter period, while total revenues were up 11% to €1.496 billion.   Ryanair CEO Michael O’Leary commented, “Q1 profits were boosted by a strong Easter (but are somewhat distorted by the absence of Easter on the prior year Q1).“The earlier launch of our summer schedule and actively raising our forward bookings has delivered a 4% increase in load factor to 86% and enabled us to better manage close-in yields. “Ancillary Revenues rose 4% in line with traffic growth, as airport and baggage fee reductions were offset by the rising uptake of allocated seating.“ 

 The airline added that it expects full year traffic to grow by 5% to 86 million, and cautiously raise its full year profit after tax guidance (from the previous range €580m to €620m) to a range of €620 million to €650 million.