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Ryanair Profits Drop 47%
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16 years 2 weeks ago
Article on Ryanair:
http://www.independent.co.uk/news/business/news/ryanair-profits-dive-47-per-cent-after-oil-price-surge-989934.html
Ryanair's profits slumped by almost half in the first six months of the year thanks to the spiralling oil price, the company said yesterday.
Passenger numbers in September were up by 19 per cent to 31.6 million, compared with 26.6 million the year before. But the group's massive fare-cutting programme, alongside a ballooning oil price that hit an unprecedented $147 per barrel in July, pulled down profits by 47 per cent to €215m (£172m), compared with €407.6m in 2007.
Michael O'Leary, the Ryanair chief executive, remained bullish yesterday, slating his airline's "crappy" rivals and emphasising the chances for expansion.
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