Ryanair reports a record net profit of 820 million euros for the first quarter, significantly surpassing analyst expectations. The airline's sales rose by 20% to 4.34 billion euros, driven by strong demand for air travel during the summer season.
Ryanair Achieves Record Profit in First Quarter
Ryanair Achieves Record Profit
Ryanair reports a net profit of 820 million euros for the first quarter of its fiscal year, ending in June. This is a significant increase compared to 360 million euros in the same quarter last year.
The results are much better than expected. Analysts had, on average, predicted 688 million euros, according to Bloomberg.
Sales during the quarter rose by 20% to 4.34 billion euros, which also exceeded expectations.
Strong Demand for Air Travel
According to the report, demand for air travel is strong during the crucial summer period, partly due to capacity issues faced by competing airlines.
The report follows a 21% rise in Ryanair's stock since the beginning of the year. Meanwhile, major competitors in the low-cost airline market, Easyjet and Wizz Air Holdings, have seen their stocks decline by 11% and 27% respectively since the start of the year.