Low-cost airline Ryanair turns profit in FY23; total revenues up 124%

Europe's largest low-cost airline Ryanair on Monday reported pre-tax profit of €1.4 billion ($1.5 billion) for the year ended on March 31, 2023, compared to a loss of €429.8 million in the year prior.
Profit per share was €1.15 euros compared to a loss of €0.21, according to the Dublin-based company.
Pre except. pretax profit stood at €1.57 billion, compared to a loss of €560.3 million last year.
Ryanair said the profit was due to strong traffic recovery, improving fares, industry leading cost base and advantageous fuel hedges.
Total operating revenues increased to €10.78 billion from €4.80 billion last year.
Traffic rose 74% to 168.6 million, Ryanair said.
Meanwhile, scheduled revenue grew over 160% to €6.93 billion.
For the forth quarter, Ryanair posted a loss of €154 million.