Ryanair Holding Plc , E urope ’s largest low-cost airline, posted a fiscal first-quarter profit after its fuel costs tumbled.
First-quarter net income was 123 million euros ($175 million) from a loss of 90.5 million euros in the same period a year earlier, the Dublin based carrier said today in a statement. Sales were little changed at 775 million euros , Bloomberg reports.
Meanwhile, the budget carrier said that passenger numbers grew by 11% from the same period a year earlier - though its sales income fell slightly.
The carrier spent 42% less on fuel - having decided not to hedge its bills when oil prices were high.
Last week it said it was reducing its winter service out of Stansted airport.
But it will operate only four fewer planes than it did last winter , BBC News reports.
However, Irish no-frills airline Ryanair Holdings PLC reported surging first-quarter profit on Monday, citing sharply lower fuel costs and a business model that thrives during recession.
The carrier said net profit for the three-month period ending June 30 was euro136.5 million ($194.5 million) compared to euro21 million in the same quarter of 2008. , Los Angeles Times reports.