Ryanair raises full-year profit forecast

Frankfurt - Irish budget carrier Ryanair revised upward its full-year profit forecast on Monday, citing lower fuel costs and higher passenger numbers.

This is the fourth time the no-frills airline has upped its profit outlook for the fiscal year, which ends in March.

Ryanair, which this year marks the 30th anniversary of its founding, now expects to earn €840m to €850m in annual profit. In May, it had estimated profit at €580m to €620m.

The fall in oil prices is expected to contribute to a 5% reduction in costs, Ryanair said.

Chief executive Michael O'Leary attributed the results to "expanded business schedules, coupled with our substantial fare and cost advantage over competitor airlines."

Last month, Ryanair announced that annual passenger numbers rose to 86.4 million in 2014, an increase of 6% on 2013.