Ryanair slides into expected loss, reassures over annual net profit
February 5, 2014, 12:14 am TWN
DUBLIN--Ryanair fell into an expected loss during its third quarter as lower fares and an unfavorable exchange-rate offset rising passenger numbers, the Irish no-frills airline said on Monday.
The airline reported a loss after tax of 35.2 million euros (US$47.5 million) in the three months to the end of December. That contrasted with net profit of 18.1 million euros in the same period a year earlier.
"Our third-quarter loss of 35 million euros is in line with previous guidance and is entirely due to a 9.0-percent fall in average fares and weaker sterling" against the euro, Ryanair chief executive Michael O'Leary said in the group's earnings statement.
Ryanair's share price however jumped as the Dublin-based carrier said it did not expect full-year net profit to come in any lower than 500-520 million euros — an estimate made last November in a shock profit warning.