Ryanair reports 25% rise in profits, raises traffic forecast

Earnings after taxation rallied nearly 25 percent to 245 million euros ($270 million) in the three months to June 30, compared with 197 million euros in the same part of the previous fiscal year, Ryanair said in a results statement.

Revenues were up 10 per cent for the quarter from €1.49 billion to €1.65 billion.

In May, Ryanair reported a 66% rise in net profit €867m (£614m) saying its customer experience improvement programme “Always Getting Better” had attracted millions of new customers to Ryanair.

The airline will add to its 72-strong bases and its fleet, it said. In November Israel will become Ryanair’s 31st country served when it starts flights to Eilat Ovda Airport from Budapest, Kaunas and Krakow.

Ryanair has asked four major European airlines to display each other’s fares online in a bid to cut out third-party price comparison websites, Chief Executive Michael O’Leary said on Monday. Its second Swedish base in Gothenburg will also open in September.

Ryanair increased its 2016 passenger target to 103 million from 100 million on the back of strong demand. Traffic should increase by 13% in the first half, and by 15% in the second half of the financial year. He said he expected a response soon.

The airline said its profit for the financial year ending next March would be at the top end of its guidance of €940m to €970m.

The Irish carrier said it was too early in the year to alter its full-year profit guidance. “We maintain our buy recommendation”.