Business News
Ryanair profits down 24 per cent due to volcanic ash cloud
Jul 20, 2010, 8:50 GMT
Dublin/London - Ryanair, Europe's largest no-frills airline, on Tuesday reported a 24 per cent drop in first-quarter profit, as a result of major disruptions caused by a volcanic ash cloud in April and May.
Net profit for the period April to June fell to 93.7 million euros (122 million dollars) from the previous year, the Irish airline announced in Dublin.
Ryanair was forced to cancel nearly 10,000 flights in the 18 days after Icelands Eyjafjallajoekull volcano erupted, spewing clouds of ash and prompting a airspace closures.
The situation cost the airline 50 million euros.
Ryanair however, maintained its forecast for full-year net profit to increase by between 10 to 15 per cent to between 350 million and 375 million euros.
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