 Ryanair has added new routes and is flying to more holiday spots |
Budget airline Ryanair has reported an 80% surge in profits as it carried more passengers to sunnier climes. Net profit was 115.7m euros (�79m) in the three months to June, up from 64.4m euros a year earlier. Sales for the same period rose 40% to 566.6m euros.
Passenger numbers increased by 25% on the previous year as Ryanair added more routes to holiday destinations, while the average ticket price gained by 13%.
However, it warned profits may suffer from high fuel prices in coming months.
Fuel pains
The results mark the first numbers for Ryanair's financial year, which begins in April.
But despite the gains, chief executive Michael O'Leary warned the outlook for the rest of the year remained "cautious".
"We expected a bumper set of first-quarter results, and a strong second quarter, but we believe that the forthcoming winter will be characterized by much more difficult trading conditions," he said.
Fuel costs rose 52% to 167.5m euros in the first quarter.
The company has been looking at ways of offsetting the effects of the higher fuel prices, and has improved efficiency so that 84% of seats on its planes were filled during the first quarter.
Ryanair also has benefited from the sale of car hire and travel insurance.
Another factor was higher demand than predicted during the late Easter holiday - which this year fell into the first quarter of Ryanair's fiscal 2006 rather than in the final quarter of 2005.
Despite the strong first-quarter earnings figures, Ryanair did not raise its full-year forecasts.