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London - Irish low-cost airline Ryanair said on Monday that it returned to profit in its first quarter but warned that the outlook remained uncertain.
Ryanair said it had a three months to June net profit of €123m, reversing the year-earlier loss of €90.5m.
Chief executive Michael O'Leary warned however that the results reflected a 42% drop in fuel costs and had benefited from earnings during an Easter holiday which fell in April this year instead of in March, as in 2008.
Sales were steady at €774.7m as an 11% increase in passengers was offset by a 13% fall in fares.
O'Leary said in a statement that the results were a solid achievement in the middle of a deep recession when many of Ryanair's competitors were doing much worse.
Ryanair's net profit margin at 18% was the best in the sector, he added.
- AFP