By Kathryn Hardison
American depositary receipts of Ryanair Holdings PLC rose 4.3%, to $74, on Monday after the company said it swung to a profit during its first quarter on higher passenger traffic.
The Irish low-cost carrier said traffic in the three months ended June 30 was 45.5 million passengers compared with 8.1 million in the year prior. Ryanair also said Easter bookings and fares were hurt by the war in Ukraine, and average fares were down 4% for the period compared to the same quarter before the pandemic.
During an earnings call, Chief Executive Michael O’Leary said that factors such as volatile oil prices and possible adverse effects from the pandemic and the war in Ukraine have made it difficult to provide full-year guidance.
Finance Chief Neil Sorahan said during the call that the company is planning to create 6,000 jobs and to invest in new training centers over the next five years.
Ryanair posted a profit of 187.5 million euros ($191.5 million) during the period compared with a net loss of EUR272.6 million in the same period last year.
Revenue surged to EUR2.60 billion from EUR370.5 million in the same period a year earlier.
ADRs were down 28% for the year.
Write to Kathryn Hardison at [email protected]
Credit: www.marketwatch.com /