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News > International
Ryanair beats forecasts
June 20, 2000: 11:23 a.m. ET

Irish no-frills airline posts 26% rise in full-year profit; airport spat hits growth
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LONDON (CNNfn) - Ireland's Ryanair Holdings Plc, parent of Europe's largest low-cost airline, beat expectations with a 26 percent rise in annual earnings Tuesday, though growth was hit by a spat with three European airports over charges.

Dublin-based Ryanair, which operates the bulk of its services from Britain, has become a thorn in the side of Europe's major airlines with its low-cost, no-frills service modeled on Dallas-based Southwest Airlines Inc (LUV: Research, Estimates).

Net earnings rose to 72.5 million ($69.3 million) in the year ended March 31, though Ryanair (RYA) shares lost ground in London amid concern over its high valuation and rising costs as the airline continues to expand rapidly. The stock, which has share listings in London and New York, fell 1.2 percent to 515 pence.

The carrier, which operates 45 routes in 11 European countries, reported a 25 percent jump in operating revenue to 370.1 million.

graphicPassenger numbers grew 13 percent to 5.6 million, below its target of 6 million, after services were cut back at three airports with which the airline is disputing handling and landing fees. Operating costs rose 26 percent, with airport charges almost 50 percent higher.

While Ryanair and rivals such as Britain's Easyjet have established a new market with their low fares, they have also business away from established players such as Deutsche Lufthansa AG (FLHA) and British Airways Plc (BAY). Ryanair last week complained to European regulators that Lufthansa was trying to push it out of the U.K.-German market with below-cost fares, a charge the German airline denies. Back to top

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