Low-cost airline Ryanair posted a net profit of 1.43 billion euros in its 2022/23 fiscal year ended March, up from a loss of 355 million euros a year earlier, driven by a strong revival in traffic and price increases, the airline said Monday.
This despite a 75% increase in operating costs, the airline said.
“We have seen a very strong recovery in post-covenant traffic” and this “is now 13-14% higher than our pre-pandemic volumes, but profitability remains slightly lower,” summed up CEO Michael O’Leary.
During the period April 2022 to March 2023, Ryanair saw its turnover double to €10.8 billion, and its traffic increase by 74% to almost 170 million passengers.
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Prices, meanwhile, were up 10% from pre-health-crisis levels.
“Demand for leisure travel this summer in Europe looks robust” and “despite inflation weighing on consumer spending, European consumers continue to prefer travel to other forms of entertainment,” reckoned Olly Anibaba, an analyst at Third Bridge.
Ryanair had recorded profits in its first three quarters of this past fiscal year, but the company said it was in the red in the fourth quarter, with losses of 154 million euros.
The airline thus becomes the latest European aviation giant to return to positive results, following in the wake of IAG – parent company of Iberia and British Airways, among other companies -, the French-Dutch group Air France-KLM and Germany’s Lufthansa.
With information from Ryanair and AFP
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