6 Nov 2012

Profit up at Ryanair

6:51 pm on 6 November 2012

Ryanair has reported a 10% rise in profit due to higher passenger numbers and fares.

Net proft for the six months to September was 596 million euros ($US765 million) combined with record half year growth in traffic numbers of 7%.

Profits exceeded the airline's expectations. However, overall fuel costs rose by a quarter to 218 million euros, as the average cost of oil over the period rose to $98 a barrel from $83 a barrel.

Ryanair said it expected "market conditions in Europe to remain tough as recession, austerity, high fuel costs and excessive government taxes dampen air travel demand".

"Further airline failures and consolidation are inevitable," it said.