Ryanair Profit Jumps on Lower Costs; Outlook Cut

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DUBLIN (AP) – Irish no-frills airline Ryanair Holdings PLC reported surging first-quarter profits Monday, citing sharply lower fuel costs and a business model that thrives during recession. The company slashed its profit outlook, however, causing shares to slump.The carrier said net profit for the three-month period ending June 30 was euro136.5 million ($194.5 million) compared to euro21 million in the same quarter of 2008.Sales were virtually flat at euro774.7 million ($1.1 billion) versus euro776.9 million a year ago. But fuel costs fell 41.6 percent to euro214.1 million.Deputy Chief Executive Michael Cawley said Ryanair would discount average fares ''precipitously'' in …