Ryanair profits drop 24% on ash cloud costs
20.07.10
Ryanair's first-quarter profits were down by 24% to €93.7m (£80m) because of the effects of the volcanic ash cloud disruption earlier this year. The airline said it had been forced to cancel almost 10,000 flights and the crisis cost it in the region of €50m.
However, the airline said that it is still on course to meet profit forecasts for the year. It expects profits to rise by between 10% - 15% to more than €350m once the impact of the flight cancellations is stripped out.
Ryanair is still processing claims under what it says are 'unfair and disproportionate' EU regulations that compensate passengers for delays. It repeated arguments against the rules, saying airlines operate under a far more restrictive regime than rival modes of transport, such as ferries and buses, and that the EU rules therefore discriminate against airlines.
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