Ryanair 'profiting from austerity' - Michael O'Leary

Low-frills airline Ryanair has reported a rise in profits thanks to an increase in both passenger numbers and fares.

Net profit for the six months to the end of September was 596m euros ($765m; £477m), up 10% on the 544m euros the company made a year earlier.

Record half-year traffic numbers and an average 6% rise in fares helped boost revenue by 15% to 3.1bn euros.

Chief executive Michael O'Leary told BBC News that his airline was "benefiting from austerity across Europe" and customers trying the company for the first time were returning to fly again and again.

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