Business

Ryanair Announces Increase in Quarterly Profit

Irish airline records €170m in second Quarter


24th July 2023 07:35 AM

Irish airline Ryanair has announced surging profits for its first quarter, recovering from disruption to traffic one year earlier in the wake of Russia's invasion of Ukraine.

A statement by the firm said Profit after tax soared to 663 million euros in the three months to the end of June from 170 million euros in the carrier's prior first quarter. 

It added that Passenger traffic jumped 11 percent to 50.4 million customers. The airline said Revenue was up by 40 percent to 3.65 billion euros.

Ryanair, which operates mainly in Europe, said it also benefited from strong Easter trading and an extra public holiday in the UK marking the coronation of King Charles III.

It added that full-year traffic would grow to approximately 183.5 million passengers, up nine percent but slower than originally expected.