Ryanair reported first-quarter net income of €197 million ($264.5 million), more than doubled from a €78 million profit in the year-ago period, due partly to the timing of the Easter holidays.
“Q1 profits were boosted by a strong Easter, but are somewhat distorted by the absence of Easter on the prior year Q1,” Ryanair CEO Michael O’Leary said.
First-quarter revenue rose 11% to €1.5 billion, while expenses increased 2% to €1.3 billion, producing an operating profit €231.8 million, up 124.4% from a €103.3 million operating profit in the prior-year quarter.
Passenger numbers rose 4% to 24.3 million, from 23.2 million in the 2013 first quarter, pushing load factor up four points to 86%.
“The earlier launch of our summer schedule and actively raising our forward bookings have delivered a four percentage point increase in our load factor to 86% and enabled us to better manage close-in yields. Ancillary revenues rose 4% in line with traffic growth, as airport and baggage fee reductions were offset by the rising uptake of allocated seating,” O’Leary said.
Average fares including baggage fees rose 9% to €46, boosted by the holiday period, while revenue per passenger rose 7% to €62. Unit costs were helped by declining fuel prices, falling 2% or 1% excluding the fuel effect.