Ryanair’s quarterly profit quadrupled – Kommersant
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In the first quarter of fiscal 2024, which ended in June, the revenue of the Irish low-cost airline Ryanair increased by 40%, to €3.65 billion. The airline’s profit almost quadrupled during this period, amounting to €663 million. Thus, profits exceeded pre-pandemic figures. Ryanair notes that this growth was made possible by good ticket sales during the Easter holidays and the coronation of Charles III in May, as well as due to the low base effect – the results of the first quarter of last year were negatively affected by the conflict in Ukraine. In addition, the airline reported a significant increase in prices – the average ticket price increased by 42%, to €49.
At the same time, Ryanair slightly worsened its forecasts for the year as a whole. It expects passenger traffic to reach 183.5 million, up from the previous forecast of 185 million passengers for the year. The company noted that this is due to the delay in the delivery of new Boeing aircraft, as well as the difficult macroeconomic situation. “We are concerned about the impact of … macroeconomic trends. Consumer inflation, higher interest rates and mortgage rates could weigh on consumer spending in the second half of the year,” said Ryanair CEO Michael O’Leary. At the same time, the airline said that they remain “cautiously optimistic”, expecting some growth in profits for the year.
After the publication of financial statements and forecasts, Ryanair shares fell by 3.2%. Since the beginning of the year, they have grown by 26%.
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