Home Business Ryanair raises annual profit forecast after Q2 2014 profits double

Ryanair raises annual profit forecast after Q2 2014 profits double

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Ryanair has raised its annual profit forecast after seeing net income more than double for the Q2 2014.

Second quarter profit rose to 197 million euros ($266 million) compared to 78 million euros a year earlier, the budget airline company said.

Ryanair has raised its annual profit forecast after seeing net income more than double for the Q2 2014

Ryanair has raised its annual profit forecast after seeing net income more than double for the Q2 2014 (photo Wikipedia)

Chief financial officer Howard Millar said: “We’ve made a lot of service improvements over the last six or seven months and we’re seeing the benefits.”

The rise comes after profit warnings by rivals Air France-KLM and Lufthansa.

Ryanair, which is Europe’s biggest budget airline, began promoting a more customer-friendly image late last year.

The airline raised its profit forecast for the year to March 2015 to a range of between 620 million euros to 650 million euros, up from a previous estimated range of 580 million euros to 620 million euros.

Ryanair has also said that it plans to aggressively raise capacity this winter by 8% and build its business-friendly routes.