Ryanair flies into the red

LOW-cost airline Ryanair - whose London base is Stansted Airport - revealed today that it dived into the red by 169.2 million euros (�145.9 million) in the year to March after being hit with a 59per cent hike in its fuel bill.

LOW-cost airline Ryanair - whose London base is Stansted Airport - revealed today that it dived into the red by 169.2 million euros (�145.9 million) in the year to March after being hit with a 59per cent hike in its fuel bill.

The loss compares with a profit of 390.7 million euros (�336.8 million) the previous year and comes after Ryanair faced record oil prices and a hefty writedown on the value of its investment in rival Irish carrier Aer Lingus.

But Ryanair - led by flamboyant boss Michael O'Leary - said it hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.

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