Ryanair H1 Profits Climb; Traffic & Load Factors Up On Lower Fares - Quick Facts

(RTTNews) - Irish low-cost airline Ryanair Holdings Plc (RYA.L, RYAAY) posted higher pre-tax profit of 685.4 million euros in the first half, compared with 679.3 million euros last year. After tax, half-yearly IFRS profit was 602 million euros, a 1% increase from the prior year's 596 million euros, as the company's traffic grew by 2% to 49 million passengers.

Six-month earnings per ordinary share were 41.85 euro cents, marginally higher than 41.20 euro cents reported a year back.

During the period, operating revenues from continuing operations rose to 3.25 billion euros, from 3.11 billion euros. Load factor was up 1% to 85% in the first half of the year. Revenue per passenger increased 2% due to a 22% rise in ancillary revenues; while unit costs went up 3% largely due to a 7% increase in fuel prices. The company said the 2% drop in fares during the first half was impacted by one off events such as the timing of Easter, the summer heatwave in northern Europe, French ATC strikes in June, and weaker sterling.

Commenting on the outlook, the company said in a statement, "... the continuing fare and yield softness means that full year profits will be lower than previously guided (€570m to €600m). We now expect the full year outturn to be between €500m to €520m due entirely to this lower fare environment."