Ryanair Announces Record Q1 Profit Increase

Ryanair, Europeå‘s largest low fares airline today (Tuesday, 6 Aug 2002) announced its biggest increase in Q1 profits (end 30 Jun 02). Passenger traffic during the quarter rose by 38% to 3.54m (the first quarter in Ryanairå‘s history when over 1m pax were carried each month) due in large measure to a further 7% reduction in average air fares. Total revenues grew by 29% to å€194.3m, however operating expenses rose by only 22% to å€148.9m with the result that profits rose significantly ahead of expectations by 68% to å€39.0m.