Ryanair in the red

Jun 2 2009 By nebusiness

Low-cost airline Ryanair revealed today that it dived into the red by £169.2m euros (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.

The loss compares with a profit of 390.7m euros (£336.8m) the previous year and comes after Ryanair faced record oil prices and a hefty writedown on the value of its investment in rival Irish carrier Aer Lingus.

But Ryanair - led by flamboyant boss Michael O’Leary - said it hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.