Ryanair, Europe's biggest low fair airline, reported Monday that profit in its financial first quarter soared 152%, as it raised its full-year profit forecast and said it would pay a special dividend following a 12-month period that had begun with profit warnings.
Net profit rose to €197m from €78m as sales revenues advanced 11%, Ryanair said in a statement. The results were boosted by the Easter travel period being in April rather than March last year.
The low fares airline will pay a special dividend of €520m, or 37.50 cent per share, following shareholder approval and this payout in the fourth quarter of the company's financial year that will end on March 31, 2015, will bring total dividends paid since 2008 to €2.5bn.
Ryanair raised its full-year profit guidance to €620m-650m, from €580m-620m set in May, with passenger numbers growing by 5% to 86m in the financial year.
However, the airline warned that is has "zero visibility" for the second half of the financial year.
Ryanair’s Michael O’Leary said: “Q1 profits were boosted by a strong Easter (but are somewhat distorted by the absence of Easter on the prior year Q1). The earlier launch of our summer schedule and actively raising our forward bookings has delivered a 4% increase in load factor to 86% and enabled us to better manage close-in yields. Ancillary Revenues rose 4% in line with traffic growth, as airport and baggage fee reductions were offset by the rising uptake of allocated seating.“
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