Irish airline Ryanair has announced soaraway profits and traffic growth for the year ending March 2003.

Net profits for the Stansted-based carrier were £172m (239.4m Euros), an increase of 59 per cent on the previous year, and a record for Ryanair.

Ryanair's passenger traffic for the year grew by 42 per cent from 11.09m to 15.7m.

A continuing series of price promotions resulted in a six per cent reduction in average fares paid by passengers for the year.

Ryanair has now increased its profits for 15 successive years.

Ryanair's chief executive Michael O'Leary said: "The market has suffered from high fuel prices, the war in Iraq, the impact of SARS and the continuing effect of the economic downturn in many European countries.

"Despite these difficult conditions Ryanair's continued profitablity stems from the fact that we have the lowest costs and the lowest air fares, which no other airline can match."

Mr O'Leary added the year's high profit levels were unlikely to be sustained.

He said profit margins for the forthcoming year were likely to suffer as a result of the continual driving down of fare prices, the fall-out from the buzz take-over and the impact of operating aircraft due for replacement.

To celebrate the profit results Ryanair announced the sale of 1m low-fare seats at £19.99 and £29.99 for one-way travel during June, July and August.

Ryanair employees are set to receive around £18,000 each when company shares awarded to them mature.

Published Friday, June 13, 2003