Ryanair reports 44 per cent rise in profits

Ryanair has posted a 44 per cent increase in after-tax profits, in results released this morning.

The low-far carrier says it made a profit of €150.4 million after tax in the year ending March 31st 2002. This is up from an after-tax profit of €104.5 in the same period last year.

Despite setbacks in the airline industry, including the foot-and-mouth crisis and September 11th, Ryanair reported a 38 per cent increase in passenger numbers and a four per cent load factor increase.

In the year ending in March, Ryanair carried 11.1 million passengers, up from 8.1 million in the same period last year.

Chief Executive Mr Michael O'Leary said the results were "further testimony to the robustness of Ryanair's unique low-fares formula in Europe".