Ryanair, known as the recession-proof airline, has seen a 25% increase in profits as people going on holidays have been looking for cheap flights. The airline witnessed a 5% increase in traffic between March 2011 and March 2012 and profits after tax went from €401m to €503m. However, Ryanair warns that the profits might take a dip in the coming year as fuel prices continue to increase and the Eurozone continues to struggle.
The fuel bill for Ryanair has already increased to a whopping €360m and this alone has the airline predicting that profits will fall to somewhere between €400 million and €440 million. Michael O’Leary, the chief executive or Ryanair, said that they are concerned about the coming winter season as they expect there to be problems with recession, austerity, and currency as well as increased competition from new bases of operation in provincial UK, Poland, Hungary, and Spain.
The above article is a summary. Please see the source article at Google News.