ALBAWABA – Irish ultra low-cost airlines RyanAir on Monday announced surging profits in the second quarter of 2023, one year after traffic was disrupted by the break out of the Russia-Ukraine war.
The company’s profit after tax reached $738 million (663 million euros) in the three months to the end of June from 170 million euros in the carrier's prior first quarter, a company statement said.
Passenger traffic jumped 11 percent to 50.4 million customers, and revenue surged 40 percent to $4.04 billion (3.65 billion euros).
Ryanair, which flies mainly across Europe, said it also benefitted from strong Easter trading and an extra public holiday in the UK marking the coronation of King Charles III, Agence France-Press (AFP) reported.
It added that full-year traffic would grow to approximately 183.5 million passengers, up nine percent but slower than originally expected.
Delays to deliveries of new Boeing planes had cut the forecast from 185 million passengers, Ryanair noted.
Though bookings in the second quarter have been "strong", the fare increase will be much lower than in the first quarter due to much stronger pricing last year when summer travel "snapped back" following the Ukraine invasion, the statement noted.
The company currently expects second quarter fares to be higher year-on-year but by a low double-digit percentage, MorningStar UK reported.
