Ryanair Posts €900 Million in Earnings Despite Tough Economy

Ryanair continues to make money despite a tough economy

Ryanair has posted earnings of €900 Million for the first half of 2012 despite rising fuel costs and a worldwide sluggish economy.

The Irish budget carrier’s passenger count dropped by 42,500. Ryanair battled these hurdles by raising air fares an average of 16 percent.

‘The figures are in stark contrast to those of rival IAG, the parent company of British Airways and Iberia, which lost €249 million in the first quarter of 2012.

New low cost airline Iberia Express received over 600,000 passengers, while Vueling and Air Nostrum benefitted from customers defecting from Iberia.

EasyJet saw a 7.2 per cent increase in passengers but has announced it will no longer fly to Madrid Barajas airport in response to Spain’s new airport tax.

Air Europe and Air Berlin reported losses and fewer passengers.’

The airline is trying to take a controlling interest in rival Irish carrier Aer Lingus.

Ryanair shares closed 18 cents up today at 29.47.

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