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Ryanair profits surge as fare rises on the way
May 23, 2011, 7:08 GMT
London - Irish budget carrier Ryanair Monday reported a rise in pre-tax profits of 26 per cent in the last financial year, but warned of further fare hikes due to increasing fuel costs.
The airline said profits reached 319 million euros (449 million dollars) in the year to March 31. But Europe's biggest budget carrier warned that more airlines would 'go broke' due to higher oil prices.
While this prospect brought further growth opportunities for Ryanair, the airline said it expected to increase fares by about 12 per cent in the current financial year, following a similar rise last year.
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