English
Ryanair Holdings Plc., the largest low-cost airline in Europe, has reported losses for the last quarter of the fiscal year, after writing down a stake in Irish competitor Aer Lingus by 91.6 million EUR. Sales rose 21% to 590 million EUR, the Dublin-based company said.
Ryanair lost 64 million EUR (100 million USD) in January - March 2008, compared to a profit of 58.7 million EUR in the corresponding period of last year. Analysts were expecting a profit of 25.2 million EUR, excluding the loss caused by the 91.6 million EUR depreciation of the Aer Lingus stocks. Sales however increased by 21% to 590 million EUR.
For the entire fiscal year, the net profit declined to 390.7 million EUR, from 435.6 million EUR in the previous year. Analysts were expecting a profit of 480 million EUR (excluding the Aer Lingus business). If depreciation and other exceptional expenses are not taken into account, the company"s profit gained 20% to 480.9 million EUR. Ryanair shares dropped 42% this year to a total market value of 3.96 billion EUR.
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