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| Version 2 | Version 3 |
|---|---|
| Fuel costs dent Ryanair profits | Fuel costs dent Ryanair profits |
| (31 minutes later) | |
| Profits at budget airline Ryanair have fallen 47% in the first half of the financial year, due to a doubling of the price of fuel. | Profits at budget airline Ryanair have fallen 47% in the first half of the financial year, due to a doubling of the price of fuel. |
| Net profits in the six months to the end of September stood at 214.6m euros (£169m; $277m) compared with 407.6m euros a year earlier, the firm said. | Net profits in the six months to the end of September stood at 214.6m euros (£169m; $277m) compared with 407.6m euros a year earlier, the firm said. |
| Oil prices have fallen, but Ryanair said it expects to make a loss in the last six months of the financial year. | Oil prices have fallen, but Ryanair said it expects to make a loss in the last six months of the financial year. |
| The Irish airline has also confirmed it is working on a new service to the US. | |
| However, chief executive Michael O'Leary told BBC News Ryanair would only launch transatlantic routes if it could secure cheap long-haul aircraft from rivals. | However, chief executive Michael O'Leary told BBC News Ryanair would only launch transatlantic routes if it could secure cheap long-haul aircraft from rivals. |
| "We haven't managed that yet, but we are hoping that in the middle of this recession... that that opportunity might arise in the next 12 or 18 months," he said. | "We haven't managed that yet, but we are hoping that in the middle of this recession... that that opportunity might arise in the next 12 or 18 months," he said. |
| 'Cost advantage' | 'Cost advantage' |
| The number of passengers using Ryanair grew by 19% to 32 million between April and September. | The number of passengers using Ryanair grew by 19% to 32 million between April and September. |
| Despite the economic slowdown, it expects passenger numbers to rise a further 9% this winter, as travellers switch from full-service airlines. | Despite the economic slowdown, it expects passenger numbers to rise a further 9% this winter, as travellers switch from full-service airlines. |
| Airlines worldwide have struggled as fuel costs soared earlier this year. | Airlines worldwide have struggled as fuel costs soared earlier this year. |
| As a result, a number of airlines have gone out of business, and Ryanair predicts more will follow in the coming months. | As a result, a number of airlines have gone out of business, and Ryanair predicts more will follow in the coming months. |
| Oil prices peaked at more than $140 a barrel in July but have since fallen to less than $70. | Oil prices peaked at more than $140 a barrel in July but have since fallen to less than $70. |
| Mr O'Leary said that if oil prices remained below $80 a barrel then profits would recover. | Mr O'Leary said that if oil prices remained below $80 a barrel then profits would recover. |
| "We have a significant cost advantage over our competitors, many of whom have hedged fuel next year at significantly higher levels than current market prices," Mr O'Leary said. | "We have a significant cost advantage over our competitors, many of whom have hedged fuel next year at significantly higher levels than current market prices," Mr O'Leary said. |
| "This will force competitors to further increase air fares and widen the price gap between them and Ryanair's lowest fares," he added. | "This will force competitors to further increase air fares and widen the price gap between them and Ryanair's lowest fares," he added. |