Irish low-cost airline Ryanair reported on Monday a net profit of €1.37bn for the six months to the end of September 2022, compared with a loss of €48m in the same period last year.
Profit for the first half of fiscal year 2023 also exceeded the airline’s pre-Covid profit of €1.15bn in the first half of fiscal year 2020.
Revenue was up 207% year-on-year to €6.62bn, from €2.15bn in the first half a year ago.
Ryanair said that it saw record traffic in this year’s second quarter, as well as strong operational reliability and robust summer fares which in the second quarter were 14% up on pre-Covid pricing.
The airline remained cautious about the future, with chief executive Michael O’Leary stating that the recovery for the remainder of fiscal 2023 “remains fragile and could yet be impacted by new Covid variants or adverse geopolitical events such as Ukraine”.
However, if such negative impacts are avoided, Ryanair expects to report a net profit for the full year of between €1bn and €1.2bn.
