Ryanair losses narrow

Feb 1 2010 By nebusiness

Budget airline Ryanair raised its annual profit predictions today after a sharp fall in fuel costs helped it narrow its quarterly losses.

Ryanair reported a shortfall of 11 million euros (£9.6m) in the three months to December 31, from 102 million euros (£88.8m) in the same period a year earlier.

Fuel costs were down 37% in the quarter, while average fares dropped 12%.

The carrier, which said it has benefited in the recession as its competitors struggle, aims to increase passenger numbers by 10% to 73 million in 2011 as it moves into routes vacated by its rivals.