Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Nigeria's Battles

Read more

DEBATE

Nigeria's Battles (part 2)

Read more

AFRICA NEWS

Over 70 killed in Nigeria bus station terror attack

Read more

MEDIAWATCH

Pornagraphy without borders is key benefit of EU, says French MEP

Read more

FOCUS

China trade deal: is Taiwan's identity under threat?

Read more

ENCORE!

“Booty Looting” memory and mediums

Read more

WEB NEWS

Another Google Glass wearer attacked in San Francisco

Read more

LIFESTYLES

Sustainable cuisine

Read more

DEBATE

Eastern Ukraine: the escalation (part 2)

Read more

  • Rescue effort under way after ferry sinks off S. Korean coast

    Read more

  • Putin says Ukraine 'on brink of war' as Kiev moves to evict separatists

    Read more

  • Syria “torture” photos silence UN Security Council members

    Read more

  • More than 100 schoolgirls kidnapped in northeast Nigeria

    Read more

  • 'Miracle girl' healthy after seven-organ transplant in Paris

    Read more

  • Paris police memo calling for Roma eviction ‘rectified’

    Read more

  • Burgundy digs into France's bureaucratic 'mille-feuille'

    Read more

  • French court drops ‘hate speech’ case against Bob Dylan

    Read more

  • Algeria rights crackdown slammed ahead of election

    Read more

  • Iraq closes notorious Abu Ghraib jail over security fears

    Read more

  • Berlusconi sentenced to community service for tax fraud

    Read more

  • In ‘Tom at the Farm’, Xavier Dolan blends Hitchcock and homoeroticism

    Read more

  • US to mark one year since Boston Marathon bombing

    Read more

  • Deadly fire rips through Chile’s Valparaiso for third day running

    Read more

  • India's Supreme Court establishes third gender category

    Read more

  • Bluefin-21 'mini-sub' to redeploy for Malaysian jet

    Read more

  • Paris hotel that hosted Holocaust survivors shuts for renovation

    Read more

  • Guardian, Washington Post win Pulitzers for NSA revelations

    Read more

  • French police begin mass DNA test in hunt for school rapist

    Read more

  • Americas to see 'Blood Moon' total lunar eclipse

    Read more

  • France looks to lift ailing economy with business-friendly diplomacy

    Read more

Business

Back in profit, Ryanair announces first dividend

©

Text by News Wires

Latest update : 2010-06-01

Even as flag carriers struggle to curb their losses amid a dip in long-haul air travel, budget airline Ryanair announced Tuesday it had bounced back into profit last year and would issue the first shareholder dividend in its history.

AFP - Irish airline Ryanair said on Tuesday that it bounced back into profit in 2009/2010, as passenger numbers rose and fuel costs fell, and unveiled the first dividend since becoming a listed company in 1997.

Net profits stood at 305.3 million euros (372 million dollars) in the 12 months to the end of March, which contrasted with a net loss of 169.2 million euros in the prior year, the carrier said in a results statement.

Passenger numbers leapt 14 percent to 67 million travellers and revenues grew two percent to 2.988 billion euros, while fuel costs dived 29 percent on the back of lower crude oil prices.

Ryanair also revealed it will issue a shareholder dividend payment of 500 million euros in October.

Adjusted net profits, meanwhile, trebled to 319 million euros in the 2009/2010 financial year, the company added.

"We can be proud of delivering a 200-percent increase in profits and traffic growth during a global recession -- when many of our competitors have announced losses or cutbacks, while more have gone bankrupt," said Chief Executive Michael O'Leary in the earnings release.

Turning to the dividend news, O'Leary added that a collapsed Boeing order had allowed it to return cash to shareholders.

"In December 2009 we ended our discussions for a 200 new Boeing aircraft order," O'Leary said.

"Since we don't anticipate a new deal with Boeing for the foreseeable future, our gross capex (capital expenditure) will fall substantially over the next three years.

He added: "We expect to generate up to 1.0 billion euros in surplus cash by the end of 2012/2013.

"We now propose to return 500 million euros of this cash in a one-off dividend in October 2010, subject to shareholder approval."

The no-frills airline also forecast double-digit growth in both traffic and profits in the current 2010/2011 financial year -- provided there was no further disruption from Iceland's volcanic ash cloud.

The group also estimated that it has lost around 50 million euros as a result of the volcanic ash crisis, adding that the full cost would depend on the level of compensation.

Ryanair slammed British authorities for their response to the crisis which closed airspace for almost three weeks in April.

"The Icelandic volcanic ash 'monitoring' led to repeated, unnecessary, closures of large swathes of European airspace over 18 days from April 15," the group said.

"These closures have caused the cancellation of 9,400 Ryanair flights, and the loss of 1.5 million passengers up to May 18."

Date created : 2010-06-01

  • AVIATION

    Low-cost Ryanair set to surpass Air France in passenger numbers

    Read more

Comments

COMMENT(S)