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Ryanair earnings soar
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February 6, 2001: 6:00 a.m. ET
Budget airline's third-quarter profit hits $20 million; share sale planned
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LONDON (CNN) - Budget airline Ryanair's third-quarter net profit soared 42 percent as passenger traffic rose and its online operation helped trim costs.
Europe's largest "no frills" airline also announced plans on Tuesday to raise up to  123 million ($115 million) by selling shares to fund the purchase of 13 new Boeing 737-800 planes.
 Ryanair said net profit for the three months ended December 31 jumped to 21.3 million ($20 million) as sales increased 28 percent to 114.9 million.
Ryanair flew 1.9 million passengers in the quarter, up from 1.4 million in the same quarter a year ago.
The Ireland-based carrier said it would unveil at least six new destinations, a new European base and increased frequency on its existing routes before the end of the month.
"The fact that Ryanair delivered 39 percent traffic growth during an off-peak winter quarter while still increasing profit after tax by 42 percent demonstrates the strength and robust nature of Ryanair's low fares formula," Chief Executive Michael O'Leary said in a statement.
Ryanair shares, which had rallied strongly in recent months, fell 2.3 percent to 747 pence in early London trade.
The airline said it will sell up to 10 million shares and that O'Leary will also sell up to 3 million of his 30 million shares, lowering his 8.5 percent stake in the company. Ryanair will also offer up to 1 million shares to the underwriters to cover any excess demand.
O'Leary said the funds may also be used to buy second-hand aircraft.
Ryanair said its website sales, now accounting for more than 65 percent of its total bookings, helped trim costs.
Profit excluding one-off items rose 34 percent to 21.3 million, compared with 15.0 million in the year earlier period. The figure for 1999 excludes the one-off gain from the airline's sale of shares in Dutch network provider Equant. 
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