Ryanair chief executive Michael O'Leary
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Budget airline Ryanair reports record profits

Budget airline Ryanair has reported record profits as fare rises helped to offset a sharp rise in fuel costs.

Net profit for the year to March was 503m euros ($643m; £406m), up 25% on a year earlier. Revenue rose by 19% to 4.3bn euros.

The airline said traffic grew by 5% while fares rose by 16% on average, which helped to overcome a 30% rise in fuel costs.

Ryanair chief executive Michael O'Leary told the BBC that his airline had benefited in some respects from the gloomy economy, but rejected claims it was not upfront enough in its charging structure.

  • 21 May 2012