The lingering effects of the pandemic and the Ukraine war failed to dent Ryanair’s pre-Christmas performance, with the Irish low-cost airline reporting its best-ever third quarter after-tax profits on Monday.
The Dublin-based discounter reported profits of €211 million for the three months between October and December 2022 – more than double the profits the airline made in the same period in 2021.
Ryanair said profits had been helped by “strong pent-up travel demand”, especially during the October school holidays throughout Europe, as well as over the busy Christmas and New Year travel period.
The airline also allayed fears that the pandemic or the Ukraine war had impacted its operation, saying on Monday that both risk factors had zero “adverse impact” on its performance during the quarter.
Looking forward, Ryanair says the decision by China to suddenly lift its strict pandemic rules will see the return of Asian tourists in Europe, which in turn will drive demand.
The airline is also hopeful that the strong US dollar will attract record numbers of American visitors to the continent over Easter and the Summer months.
Airline bankruptices and fleet reductions during the darkest days of the pandemic have created “enormous growth opportunities for Ryanair” the airline said on Monday.
Despite the positive news, Ryanair is predicting a loss-making fourth quarter between January and the end of March 2023. The airline partially blamed the late timing of Easter for a predicted drop in passenger numbers and revenues during this quarter.
