Ryanair today reported a 17 per cent increase in first half net profit to €452 million and upgraded its full-year earnings forecast on the back of strong winter yields.
The airline now expects full-year net earnings of between €380 million and €400 million compared with previous estimates of €350 million to €375 million.
Revenues at the airline increased by 23 per cent to €2.2 billion as Ryanair carried 40.1 million passengers during the six month period to the end of September, up 10 per cent on the same time last year.
However, second-quarter net profit was €313 million, slightly below analysts expectations.
"There's a little bit of disappointment, most people were (expecting) around €350 (million) for second-quarter net profit and they came in a bit behind that," said Ken Darmondy, analyst with Goodbody Stockbrokers.
"Other people might be a little bit disappointed that the upgrade that came wasn't bigger because all the airlines across Europe have had upgrades in the last two weeks."
"We continue to gain market share across Europe," Ryanair chief executive Michael O'Leary said in a statement. "We expect this trend to continue."
The airline said cash levels had increased by €212 million to €3.026 billion.
Ryanair paid a €500 million one-off dividend to shareholders on October 1st.
It said it had cut its estimate of the costs of refunding tickets on flights cancelled as a result of the Icelandic volcanic ash cloud to €32 million from €50 million.
The majority of the growth comes from the continental Europe as the airline as reduced it capacity in Ireland, with Mr O'Leary frequently attacking the Government over the introduction of a €10 travel tax last year.
Second-quarter net profit was €313 million, slightly below analysts expectations.
"There's a little bit of disappointment, most people were (expecting) around €350 (million) for second-quarter net profit and they came in a bit behind that," said Ken Darmondy, analyst with Goodbody Stockbrokers.
"Other people might be a little bit disappointed that the upgrade that came wasn't bigger because all the airlines across Europe have had upgrades in the last two weeks."
Shares in Ryanair were trading at €3.98 on the Irish Stock Exchange at 10.30am, down 3.6 per cent on the day.
