Ryanair flies into quarterly profit

LONDON (AFP) – Ryanair flew into profit in the group’s third quarter thanks to a stronger festive trading period compared with one year earlier, the Irish no-frills airline announced yesterday.

Profit after tax stood at EUR87.8 million (USD97.3 million) in the three months to December 31, compared with a net loss of EUR66.1 million in the group’s third quarter of its 2018/19 financial year.

“Ryanair reports Q3 net profit… due to stronger christmas/New Year traffic,” the Dublin-based carrier said in a statement.

Passenger numbers grew six per cent to 36 million during the period, while revenues jumped 21 per cent to EUR1.91 billion, the airline added. The trading update came after Ryanair last week revealed that it could axe more jobs and bases because of fresh delivery delays to Boeing’s crisis-hit 737 MAX jet.

Ryanair recorded profit in the group’s third quarter thanks to a stronger festive trading period compared with one year earlier. PHOTO: AFP