Ryanair Reports Q2 Profit
Ryanair has recorded profits of €170m in the three-month period from March to 30 June this year. This marks a turnaround from the €273m loss recorded during the same three-month period last year.
The airline saw passenger numbers increase to 45.5m during the quarter, up from 8.1m during the same period last year, when travel restrictions were in place. This quarter, the airline's passenger numbers were 9% higher than 2019 levels.
However, Ryanair's profit has not yet recovered to pre-pandemic levels, falling short of the €243m reported in the same three-month period in 2019.
In a statement, the airline said that bookings in February and March had been impacted due to Russia's invasion of Ukraine. It also stated that it had been affected by high levels of inflation with operating costs rising by 250% to €2.38bn, including a €1bn increase in its fuel bill.
The airline has hedged 80% of its fuel requirements for the current financial year, which ends on 31 March 2023, in a move it hopes will shield it from any further increases in fuel costs.