Ryanair hit by soaring fuel costs
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Ryanair, Europe's biggest low-cost airline, reports a 26% drop in quarterly profit after it cut fares and the price of fuel jumped.
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The airline industry is expected to lose as much as $4-b in 2004 due to the high fuel costs, despite an increase of about 19% in international passenger traffic so far this year.
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Australian flag carrier Qantas on Friday raised fuel surcharges on domestic and international tickets, blaming the skyrocketing price of crude oil prices.
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Ryanair emerged as an unexpected winner from the summer&#39;s oil price hike, as its refusal to impose a fuel surcharge on tickets lured passengers away from rival airlines.
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Ryanair , Europe's biggest budget airline, launched a shock bid for Aer Lingus  on Thursday, valuing the former Irish state carrier -- which listed just four days ago -- at 1.48 billion euros ($1.9 billion).
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Finnair said it had swung into profit of 7.5 million euros (9.3 million dollars) in the second quarter but would post a full-year operating loss due to rising fuel costs.
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BMI and Air France become the latest airlines to raise ticket prices in response to higher fuel costs.
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European airlines hoping for a 2005  industry recovery face new hurdles as record high oil prices  threaten to drive up costs and fuel surcharges for passengers,  officials said.
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Air France and KLM ticket prices are to rise after the carriers imposed further surcharges to counter high fuel costs.
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Budget airline Ryanair Holdings PLC has raised its stake in Irish rival Aer Lingus Group PLC to 25.2 percent in a renewed push to take over the recently privatized carrier, Ryanair's broker confirmed Wednesday.
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Budget airline Ryanair sees profits grow 30% in the last three months of 2006, despite the impact of rising fuel costs.
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US Airways Group Inc. said yesterday that sharply rising fuel costs in recent weeks have made the bankrupt airline's already dismal financial outlook even more acute.
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Aer Lingus reported a loss in 2006 because of a pension fund shortfall, higher fuel prices and the cost of repelling a takeover attempt by Ryanair. Aer Lingus, which found itself under siege by Ryanair almost immediately after listing on the Irish and British stock exchanges in September, reported a net loss of 69.9 million euros ($92 million) for the year that ended Dec. 31, in contrast to a profit of 88.9 million euros in 2005. Exceptional expenses included a 104 million euros ($137 million) payment to the employeesâ pension fund and 16 million euros ($21 million) to lawyers, stockbrokers and other advisers hired to thwart Ryanairâs bid. Fuel costs also rose by 75 percent, to 234 million euros ($308 million). Sales rose 11.3 percent.
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Budget airline Ryanair reports a 30% profit rise for the last three months of 2006, despite rising fuel costs.
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British Airways, Europe&#39;s biggest airline by passenger capacity, has hiked its fuel surcharges by up to UKÂ£8 per ticket, a day after oil prices climbed to record levels.
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Aug. 20 (Bloomberg) -- Qantas Airways Ltd., Australia&#39;s biggest airline, increased a surcharge on all tickets as the cost of jet fuel soared to a record. Qantas shares rebounded from a three-month low.
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Ryanair Holdings PLC signaled that its expansion plans are going strong Monday, announcing that it will spend US$240 million (euro184 million) to buy four new planes and create a new base at Liverpool&#39;s John Lennon Airport.