Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Ebola virus : Liberia shuts most border points

Read more

MEDIAWATCH

"What would you do?"

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Tripoli threatened by out of control blaze

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • Russia ordered to pay Yukos shareholders over $50bn in damages

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

  • The centenary of Austria-Hungary’s calamitous last hurrah

    Read more

  • Nibali joins elite group with Tour de France win

    Read more

Business

Ryanair posts quarterly loss, upgrades full-year forecast

Latest update : 2009-02-02

Ireland's low-cost airline Ryanair reported third-quarter losses of 119 million euros due to rising fuel costs and reduced fares. However, the carrier said a recent drop in fuel prices would help it post higher-than-expected full-year profits.

AFP - Irish low-cost airline Ryanair said on Monday it had made a loss of almost 119 million euros (151 million dollars) during its third quarter as fuel costs soared and it reduced fares.
  
The airline however upgraded its full-year profit forecast to between 50 and 80 million euros from a previous estimate of break-even as fuel costs have fallen sharply since the end of 2008 on reduced demand for energy.
  
Ryanair said its net loss of 118.8 million euros during the three months to the end of December compared with net profit of 47 million euros during its third quarter of 2007.
  
"Thanks to lower oil costs and continuing reductions in non-oil operating costs, we expect the fourth quarter loss will be smaller than previously anticipated, so we are upgrading our full year 2008/09 guidance from break-even to a net profit after tax in a range of 50 million to 80 million euros," Ryanair said in its earnings statement. 
  
It added that it would benefit from a global economic slowdown.
  
"We are poised for substantial traffic and profit growth in the coming year as the recession forces millions of passengers to focus on price," Ryanair said.
  
The no-frills carrier added that it was unlikely to make a renewed bid for Aer Lingus after last week withdrawing its one-billion-dollar (748-million-euro) takeover offer for the rival Irish airline.
  
The Irish government, which owns a 25 percent stake in Aer Lingus, rejected the bid in January, arguing that it greatly undervalued the carrier.
  
"Whilst we regret that the government's decision means that we cannot now deliver on our promises to reduce Aer Lingus's short-haul fares, double its short-haul fleet and create 1,000 new jobs, this decision clears the way for Ryanair to continue to focus on our own growth and expansion, reducing our costs and returning to substantial profitability over the coming year," Ryanair added on Monday.
  
"It is doubtful that Ryanair will waste any further management time or resources making another offer for Aer Lingus, as its scale and losses will continue to render it increasingly irrelevant in Europe's airline landscape."
  
Ryanair's offer was worth only half the 1.48 billion euros the low-budget carrier had offered for Aer Lingus in an unsuccessful takeover attempt in October 2006.
  

Date created : 2009-02-02

COMMENT(S)