Ireland’s Ryanair’s after-tax profit rose 290 percent year-on-year to €663 million in the April to June period. But Europe’s largest low-cost airline by passenger numbers has cut its passenger numbers forecast for this year due to delays in Boeing deliveries. The rival to Britain’s easyJet said in its earnings report today for the first quarter of the 2024 financial year. Analysts had estimated profit at 620 million euros.
Delay
Ryanair said it has already received indications from Boeing that some deliveries of 737-8200s may be delayed from April 2024 to June 2024. This could impact this winter and next spring’s season. The company now expects traffic in the fiscal year ending March 2024 to grow nine percent to about 183.5 million passengers, up from a previous estimate of 185 million passengers.
Ryanair carried a record number of passengers in both May and June. Over the quarter, the average ticket price rose 42 per cent year-on-year as the period was marred by the start of the Russian invasion of Ukraine a year ago. The company estimates that fares for bookings for the July to September quarter, typically Ryanair’s most profitable time of year, will rise by a low double-digit percentage year-on-year.
Rival is back
Rival easyJet had a record pre-tax profit of £203m in its third financial quarter. The firm beat analysts’ estimates after posting a £114m loss in the same period last year.
Airlines in Europe will continue to post strong profits this quarter, Reuters reports. That’s because demand for travel after the pandemic continues to boost bookings across the continent to similar levels to 2019, with growth expected to continue into the winter.
Source: ČTK
