No-frills airline Ryanair has revealed it swung to a first-quarter profit despite airport disruption and a hit from the Ukraine war, but warned over soaring fuel costs. The Irish airline reported profits after tax of £145 million for the three months to June 30 against net losses of £233 million a year ago as passenger numbers rebounded to 45.5 million – nine per cent ahead of pre-Covid levels.
It said the Ukraine conflict “badly damaged” Easter bookings and fares, which fell four per cent against the same quarter pre-Covid, and claimed it was hampered by “unprecedented” air traffic control and airport handling disruption.
However, Ryanair stated it hoped to run “almost 100 per cent” of its scheduled flights and minimise delays but warned rocketing oil prices would push up its full-year fuel bill. Chief executive Michael O’Leary said: “Our decision to work with our unions and agree pay cuts to minimise job losses (and keep crews current) throughout the two years of Covid was vindicated in recent months, as many European airlines, airports, and handling companies struggled to restore jobs that were cut during the pandemic.
