Ryanair reports record 503m euro profit

[mhm]

Low-frills airline Ryanair has reported record profits as fare rises helped to offset a sharp rise in fuel costs.

Net profit for the year to March was 503m euros ($643m; £406m), up 25% on a year earlier. Revenue rose by 19% to 4.3bn euros.

The airline said traffic grew by 5% while fares rose by 16% on average, which helped to overcome a 30% rise in fuel costs.

However, it warned profits in the current financial year could be lower.

That warning hit the airline's shares, knocking as much as 7% off their value in early trading.

"Recession, austerity, currency concerns and lower fares at new and growing bases in Hungary, Poland, provincial UK and Spain will make it difficult to repeat this year's record results
http://www.bbc.co.uk/news/business-18141549