Ryanair to slash fares after profits dip
STANSTED-based budget airline Ryanair has promised to continue to slash fares despite announcing a fall on profits today.The airline made an adjusted after-tax profit of 35 million euros (about £26 million) in the period October-December 2007 - 27 per cent down on the same period in 2006.
STANSTED-based budget airline Ryanair has promised to continue to slash fares despite announcing a fall in profits today.
The airline made an adjusted after-tax profit of 35 million euros (about £26 million) in the period October-December 2007 - 27 per cent down on the same period in 2006.
But in a warning that will cause concern amongst Suffolk residents campaigning against the increase in flights over the county, chief executive Michael O'Leary said: "There can be only one competitive response to any consumer uncertainty, and that is for Ryanair to slash fares and yields, stimulate traffic, encourage price-sensitive consumers, and promote new routes/base developments.'
Ryanair reported that revenue had increased 16pc to 569 million euros (about £426 million) in the October-December 2007 period, while passenger numbers had risen 21pc to 12.4 million.
Mr O'Leary said the net profit figure for the last three months of last year was “a creditable performance in very adverse market conditions”.
The Ryanair boss once again expressed his anger at charges for airlines that use Stansted and Dublin airports.
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He said unit costs in the last three months of last year had risen “due to the unjustified doubling of airport charges at the Stansted airport monopoly, significantly higher charges at the even less competitive Dublin airport monopoly”.