Ryanair announces surging quarterly profit

The Irish no-frills airline Ryanair reported record profits for the first quarter on Monday, rebounding from traffic disruptions caused by Russia’s invasion of Ukraine a year earlier.

According to a statement, the carrier’s profit after tax increased significantly from the prior first quarter’s 170 million euros to 663 million euros ($738 million) in the three months ending in June.

The number of passengers increased by 11% to 50.4 million.

The amount earned increased by 40% to 3.65 billion euros.

Ryanair, which primarily flies across Europe, claimed that it also benefited from robust Easter sales and an additional public holiday in the UK commemorating King Charles III’s coronation.

It continued by estimating that traffic would increase by about 183.5 million passengers for the entire year, an increase of nine percent but slower than anticipated.

Ryanair remarked that the prediction had been reduced from 185 million passengers due to delays in new Boeing jet delivery.

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