Irish budget carrier Ryanair has posted an adjusted net profit of €136.5 million ($195 million) for the first quarter, which excludes a €13.5 million charge relating to its shareholding in Aer Lingus.
The airline's accounts show that it recorded the charge as an impairment reflecting the decline in the Aer Lingus share price by 15% over the quarter.
This trimmed the airline's overall first-quarter profit to €123 million.
In the first quarter last year the airline posted an adjusted profit of €21 million, which was then dragged back into a loss of €90.5 million by heavy impairment and depreciation charges.
Passenger numbers over the three months to 30 June 2009 were up by 11% to 16.6 million, but a 13% decline in average fares meant revenues fell slightly to €775 million.
Ryanair benefited, however, from a 42% drop in fuel costs to €214 million, and says it cut non-fuel unit costs by 5%.
Chief executive Michael O'Leary says the airline has demonstrated a "robust performance" during an economic recession.
Source: Air Transport Intelligence news
