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Analysing Ryanair, Europe's largest low fares airline.
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| Submitted: Tue Sep 30 2003
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RYANAIR ANNOUNCES RECORD Q1 PROFIT INCREASE TRAFFIC GROWS 38%, PROFITS RISE BY 68% Ryanair, Europe's largest low fares airline today (Tuesday, 6 Aug 2002) announced its biggest increase in Q1 profits (end 30 Jun 02). Passenger traffic during the quarter rose by 38% to 3.54m (the first quarter in Ryanair's history when over 1m pax were carried each month) due in large measure to a further 7% reduction in average air fares. Total revenues grew by 29% to €194.3m, however operating expenses rose by only 22% to €148.9m with the result that profits rose significantly ahead of expectations by 68% to €39.0m. Summary Table of Results (Irish GAAP) - in Euro Quarter End 30 Jun 2001 30 Jun 2002 % Increase Passengers 2.56m 3.54m 38% Load Factor 77% 83% 7% Revenue €150.8m €194.3m 29% Profit After Tax €23.2m €39.0m 68% Basic EPS (Euro Cent) 3.21c 5.16c 61% Announcing these results Ryanair's CEO Michael O'Leary said: "This record increase in Ryanair's quarterly profits is a direct result of the key elements of our unique low fares model. Firstly very...
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