Ryanair ups profit forecast after Q3 results

LCC raises full-year profit forecast to more than €540m

The low-cost carrier Ryanair today reported a 3% rise in traffic for the third quarter of its financial year, thanks in part to strong pre-Christmas bookings. However, it warns of a tougher period ahead, forecasting that fourth-quarter results will show a fall in passenger numbers due to higher fares and fuel costs.
The airline carried 17.3 million passengers during Q3 despite the fact that its average fares had increased more than expected, by 8%. Because of this the company has raised its full-year profit forecast, from €520 million to more than €540 million. Q3 profit after tax increased by more than 20% to €18.1 million, something that CEO Michael O’Leary said was as a result of “strong pre-Christmas bookings at higher yields”.