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Ryanair cautious despite profit
27 July 2009
Europe’s largest budget carrier reports a Q1 profit of € 136.5 million but warns that lower fares will eat into full-year profits, while O’Leary accuses the UK government of killing British tourism.
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[Ryanair]
[Michael O'Leary]
[UK government]
[fuel hedging]
Ryanair has reported a first quarter profit of €136.5 million ($194.8 million), but said that lower fares will eat into full year profits and warned that restrictive taxes and airport charges are killing British tourism.
Europe’s largest budget carrier recorded a net profit of €136.5 million for the quarter, marking a €15.5 million, or 550%, increase compared to last year.
But chief executive officer Michael O’Leary suggested the large quarterly profit was misleading and mainly stemmed from a reduction in fuel costs, with revenues staying...
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