LONDON, Jan 5 ― Irish no-frills airline Ryanair yesterday raised its after-tax profit forecast for the fiscal year ending March 31, citing stronger than expected travel and revenues over the recent festive period.
Dublin-based Ryanair said it now expected profits after tax in the range of €1.325 billion (RM6.21 billion) to €1.425 billion, up from an initial forecast of €1 billion to €1.2 billion.
However, the budget carrier noted in a statement that the reassessment was “heavily dependent” on avoiding further fallout from “adverse events” such as Covid or the ongoing war in Ukraine.
“Strong pent-up travel demand over the holiday season for the first time in three years, with no adverse impact from Covid or the war in Ukraine, stimulated stronger than expected peak Christmas/New Year traffic and fares,” Ryanair said.
It expects to report after-tax profits in the third quarter ending on December 31 as boosted to close to €200 million.
But it predicts the last quarter of the fiscal year will be loss-making due to Easter falling in April this year and a “recent softening” in travel between the UK and Ireland.
The no-frills airline's overall traffic forecast for the entire fiscal year remains unchanged at 168 million passengers, it said.
It will publish its third quarter results on January 30. ― AFP
