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POST TIME: 6 February, 2018 00:00 00 AM
Ryanair sees profits rise despite cancellations, warns on Brexit
AFP

Ryanair sees profits rise despite 
cancellations, warns on Brexit

AFP, LONDON: Ireland’s troubled Ryanair said yesterday that quarterly net profits rose 12 percent despite a cancellations crisis, but warned Britain was under-estimating the risk of “serious disruption” to flights following Brexit.

Profit after taxation increased to 106 million euros ($132 million) in the group’s third quarter or three months to December from a year earlier, the Dublin-based carrier said in a statement.

Passenger numbers grew six percent to 30.4 million people despite the cancellations fiasco.

In another boost, the group forecast passenger traffic would climb eight percent to 130 million people for the full year which ends in March 2018.  That was upgraded from previous guidance of 129 million.

And Ryanair also announced a 750-million-euro share buyback which will begin this month.

“We are pleased to report this 12-percent increase in profits during a very challenging third quarter,” said chief executive Michael O’Leary.