THE independent airline Ryanair is moving strongly into profit, according to accounts lodged recently with the Companies, Office in Dublin.

The accounts show that the airline had more than doubled its pre tax profits to £2 million after a 13 per cent increase in turnover to £57.1 million. The accounts for 1993, which were filed by Ryanair two weeks ago, show that the company's after tax profit was £1.9 million.

During the year Ryanair made an operating profit of almost £1.7 million, but this was boosted a £379,000 interest payment, increasing pre tax profits to £2.03 million. However due to previous losses Ryanair paid only £155,000 in tax during the year. The company used the profits to reduce its accumulated losses to £17.6 million. At year end its total assets exceeded its liabilities by £4.5 million.

The company's directors said in a statement accompanying the results that they expected to further reduce the accumulated losses of previous years during 1994. Ryanair, which is controlled by Dr Tony Ryan's sons, had accumulated losses in the region of £20 million which where incurred during its' start up phase. The company turned the corner after a major rationalisation in 1991. Staff numbers were reduced from 700 to 500, and the airline introduced a new cheap fares/low cost approach to the Dublin London route.

Dr Ryan, who founded the Shannon based GPA group, joined the airline's board 12 months ago. He became Ryanair's non executive chairman of last month, succeeding the former EU commission, Mr Ray MacSharry.

The accounts for 1993 show Ryanair had total sales of £57.1 million, and after deduction of £46.7 million for cost of sales, the company made a gross profit of £10.4 million. Its overhead costs were £8.7 million.

According to the accounts during 1993 Ryanair "completed its fleet replacement programme with the purchase of 11 Boeing 737 200 aircraft and related spares and engines at a total cost of $60.3 million". The accounts show a substantial improvement in the company's fortunes when compared with the annual report filed for 1992, which showed that the company's liabilities exceeded its assets by £5.7 million.

The auditors' report from KPMG Stokes Kennedy Crowley which accompanies the 1992 results noted that considering Ryanair as a going concern "may not be appropriate".

In 1992 Ryanair made a pre tax profit of £948,000 on a turn over of £50.5 million, a 12 per cent increase on the previous, year. Its gross profit was almost £8.8 million, while overhead costs were £7 million producing an operating profit of £1.7 million.

Ryanair's turnover is estimated to have increased to £68 million, and airline has said that it expects to carry 2.5 million passengers this year. Two new jets are being added to the airline's fleet and new routes will be added later this year.

Last week Ryanair announced that it plans to invest £2.5 million in a new telemarketing subsidiary which will create 200 new jobs, bringing overall employment at the company to more than 700.