Ryanair announces rise in profits

Low-cost airline Ryanair has boosted annual profits by 13% but warned that the recession across much of Europe will dampen growth this year.

The Dublin-based company, which operates on more than 1,600 routes, carried 79.3 million passengers in the year to March 31, an increase of 5% on a year earlier as revenues improved 13% to 4.8 billion euro (£4.1 billion).%VIRTUAL-SkimlinksPromo%
Post-tax profits rose to 569 million euro (£481.4 million) and the airline is hopeful of another rise this year, albeit at a slower rate of growth as economic conditions put pressure on average fares across the industry.

Ryanair expects traffic to grow by another two million passengers to 81.5 million in the current year, helped by this summer's addition of more than 200 routes and seven new bases, including at Eindhoven, Krakow and Marrakech.
It said costs will continue to rise, with higher oil prices again the culprit after its fuel bill increased by 290 million euro (£245.3 million) in the last financial year. Fuel now represents 45% of all the airline's costs.

Ryanair's average fares increased by 6% in the year to March, although this was outpaced by a 20% jump in revenues from additional services such as reserved seating to one billion euro (£846 million) - representing 22% of all sales in the year.

With Ryanair hoping to carry more than 100 million passengers a year by the end of 2018, it recently announced plans for the delivery of 175 new Boeing aircraft.

Chief executive Michael O'Leary said: "Ryanair is now uniquely positioned to offer many of Europe's airports sustained traffic growth in return for low cost, efficient facilities.

"I am confident that in time this new order will enable Ryanair to extend its traffic leadership over Europe's airlines, and generate further returns for our shareholders."

10 PHOTOS
The top 10 Fortune 500 companies
See Gallery
Ryanair announces rise in profits

Wal-Mart Stores, or Walmart, is a retailer that runs chains of discount department and warehouse stores around the world. Founded by Sam Walton in 1962, it is headquartered in Bentonville, Arkansas and has around 8,500 stores in 15 countries, under 55 different names.

Exxon Mobil Corporation, or ExxonMobil, is an oil and gas corporation formed on November 30, 1999 by the merger of Exxon and Mobil. Headquartered in Irving, Texas, it has 37 oil refineries in 21 countries.

Chevron Corporation is an energy company headquartered in San Ramon, California. It is active in more than 180 countries and is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and generation.

Phillips 66 is a holding company - created when ConocoPhillips spun off its downstream assets - that only began trading on the New York Stock Exchange on May 1, 2012. Headquartered in Houston, Texas, the company has approximately 14,000 employees worldwide.

Berkshire Hathaway, controlled by legendary investor Warren Buffet, is a multinational holding company headquartered in Omaha, Nebraska. The company wholly owns GEICO, Dairy Queen, Fruit of the Loom and Helzberg Diamonds, as well as half of Heinz and significant minority holdings in American Express and The Coca-Cola Company.

At number 6 on the list, it's highest ever position, is iPhone and iPad manufacturer Apple. And Fortune managing editor Leigh Gallagher told CBS News that the computer giant could be even higher up the list if companies were ranked differently. Apple breaks into the top 10 for the first time this year," Gallagher said. "But if you were to rank the Fortune 500 by profits not revenues, it would be number two behind Exxon."

General Motors Company, or GM, is a multinational automotive corporation headquartered in Detroit, Michigan. It employs more than 200,000 people and manufactures the Chevrolet, Buick, Cadillac and Vauxhall brands, among others.

General Electric Company, or GE, operates in four segments: Energy, Technology Infrastructure, Capital Finance and Consumer & Industrial. Its foundation dates back to 1889, when Drexel, Morgan & Co. helped Thomas Edison to merge his many electricity-related companies to form Edison General Electric Company.

Valero Energy Corporation is the world's largest independent petroleum refiner and marketer. It has 16 refineries and 10 ethanol plants stretching from the US West and Gulf coasts to Canada, United Kingdom and the Caribbean.

Ford Motor Company (also known as Ford) is headquartered in Dearborn, Michigan, a suburb of Detroit. Founded by Henry Ford in 1903, it is still controlled by the Ford family, which now has a minority stake.

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

More stories

Read Full Story

FROM OUR PARTNERS