Ryanair reports disappointing 3QFY2011 results, Air Arabia shares down 6%
Europe’s largest LCC Ryanair reported a disappointing loss in 3QFY2011 but the airline is forecasting a stronger final quarter with results towards the upper end of its forecast range. The carrier made a EUR300,000 operating loss and a net loss of EUR10 million, on revenue of EUR746 million.
Nearly 3000 flight cancellations hurt the carrier’s results in the quarter, despite better revenue performance and higher load factors.
Ryanair anticipates traffic and average fares to continue to benefit from a better mix of new routes and bases and competitor fuel surcharges and lower overall unit costs thanks to better aircraft utilisation. Ryanair’s full year net profit guidance is for EUR380-400 million. For more analysis on Ryanair's latest financial results see: Ryanair reports "disappointing" 3Q EUR10 million loss; fares increase 15%. Full year profit expected
Shares in Ryanair were up 0.3% at the close of trading.
Selected LCCs' daily share price movements (% change): 31-Jan-2011