Ryanair Profit Jumps on Lower Costs; Outlook Cut
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 …
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Publication information:
Article title: Ryanair Profit Jumps on Lower Costs; Outlook Cut.
Contributors: Not available.
Newspaper title: Manila Bulletin.
Publication date: July 28, 2009.
Page number: Not available.
© 2009 Manila Bulletin Publishing Corp.
COPYRIGHT 2009 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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