Ryanair reports first annual loss in 2008/2009
By Vasilije Gallak on Jun 2, 2009 in Business News, Featured, United Kingdom
London – Leading budget airline Ryanair reported its first annual pre-tax loss Tuesday, saying it had gone into the red by 169 million euros (239 million dollars) last year following a fuel bill increase of 59 per cent.
The loss run up by the end of March, 2009, compares with a profit of 481 million euros in the previous year and comes after Ryanair faced record oil prices and a hefty writedown on the value of its investment in rival Irish carrier Aer Lingus.
Ryanair said that the cost of fuel rose to 1.26 billion euros from 791.3 million euros a year before, as oil prices reached record highs during 2008.
The company said it had written down the value of its 29.8-per- cent stake in Aer Lingus by a further 222 million euros, after Aer Lingus’ share price fell. (dpa)