Ryanair Sees Profits Soar 550% In Recession

Ryanair has seen profits rocket by 550% in the recession - and has promised to slash fares further.
Profits rose to £118m as fuel costs fell and aggressive marketing strategies paid off.
Quarterly profits were just £18m in the same period last year.
The airline immediately said full year profits would be impacted by more action to cut fares to attract cash-strapped fliers.
The group - headed by flamboyant boss Michael O'Leary - said annual net profits were now expected at the lower end of market forecasts, between £172.8m and £259.2m.

Ryanair reduced fares by 13% on average over the three months to June 30, which saw revenues come under pressure.
Last week it announced it was cutting its winter services out of Stansted by 40%.
Its revenues fell slightly, down 0.3% to £669m.
But passenger numbers rose 11% and Ryanair also grew "ancillary" revenues - such as extra fees for checked-in baggage and credit cards - 13% to £142.9m.
Mr O'Leary said: "Thanks to a 13% reduction in average fares we grew traffic by 11%, which was a robust performance in a deep recession, when many of our competitors were cutting flights, losing traffic and reporting increased losses."
Deputy Chief Executive Michael Cawley: "We still have only 10% of total market in Europe so there's plenty of scope for us to reduce fares to stimulate that growth.
"Consequently I don't see any end to the constant reduction in fares."

I just bought a bulk of flights for september cannot resist £1 or 1€ cheap days out.