World Business Briefing: Ireland: Profit Up, but Outlook Dims at Ryanair
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Ryanair posted a 33 percent increase in annual net profit, helped by higher ticket prices, but it said profit growth would slow as higher interest rates prompted travelers to seek cheaper deals. Ryanair, the biggest low-cost carrier in Europe, said it expected profit growth of about 5 percent in the year ahead, with average ticket prices falling as higher borrowing costs curb consumer spending in Britain, the Irish airlineâs biggest market. Excluding one-time items, profit after taxes rose to 401.4 million euros ($540.4 million) in the 12 months that ended March 31, up from 301.5 million euros a year earlier, and better than the 393.5 million euros expected by analysts. Ryanair said its load factor fell to 80 percent in May from 82 percent a year earlier.
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Ireland is poised to grow faster with a smaller deficit thanks to the global economic recovery, the government says.
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Low-cost airline Easyjet says strong passenger numbers mean it will make better-than-expected annual profits.
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A 240 million US dollars (Â£126.75 million) investment by budget airline Ryanair in the west of Ireland sticks two fingers up to the doom-mongers who said Shannon Airport would not work, it was claimed tonight.
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The airline posts its first profit in three years.
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Third-quarter profit, helped by sales of jet fighters and electronic warfare systems, beat Wall Street expectations, but the companyâs forecast for next year was slightly below analystsâ estimates.
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Higher passenger numbers helped Irish budget airline Ryanair increase earnings by 14.9 percent in the latest quarter despite rising fuel costs, the company said Tuesday.
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No-frills airline easyJet has modestly increased its profits guidance after a stronger-than-expected revenue performance.
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Budget airline EasyJet today reported a 21% improvement in annual profits but warned that it expected competition to remain intense this winter.
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European equities inched cautiously higher on Friday as bid talk lifted the banking sector and airlines got a boost after Ryanair made a surprise offer for newly-listed Aer Lingus.
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Air Canada expects to post stronger financial results for the third quarter, despite the impact of higher fuel costs on the airlines bottom line.
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Ryanair chief executive Michael O&#39;Leary claimed yesterday that rising oil prices would benefit the airline, as he announced better than expected half-year profits.
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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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British Airways  reported a 28.5 percent rise in operating profit on Friday for the first nine months of its financial year, and said its longhaul premium business was still performing strongly.
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BUDGET airline Ryanair will fail to make a profit this winter as its aircraft fuel bill soars by as much as 50% after it admitted it had not taken action against the spiralling oil price.
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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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Ryanair, the Irish no-frills airline, said net profit rose 15 percent for the quarter to September, adding it was well-placed to combat the threat of record high oil prices and fierce competition.