Ryanair profits take off
Wednesday 11 November 1998
The Dublin airline yesterday said pre-tax profit rose 24 per cent to Ipounds 29.4m (pounds 26m) for the six months to 30 September, compared with pounds 21.28m a year ago. Low-cost Ryanair said the rise had been achieved in spite of intense competition, adding that there could be at least one casualty among its rivals.
Fares on major routes in Europe have plunged as budget operators, including Go, easyJet, Air UK, Ryanair and Debonair, have begun competing with established carriers such as KLM and British Midland.
But Michael O'Leary, Ryanair chief executive, said: "We remain confident that our operating and trading performance will continue to be resilient despite the increasingly competitive market."
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