Smaller drop in fares helps Ryanair profits

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The low-cost airline said market conditions remained difficult and that it was still gaining market share from BA, Lufthansa and Air France-KLM.

Ryanair, which in December broke off talks with Boeing on a potential order of up to 200 aircraft, reiterated that it was planning to scale back investments from 2013 and could start returning cash to shareholders instead.

It had a net loss of 10.9 million (£9.5 million) in the three months to the end of December, compared with a 118.8 million (£103.7 million) net loss a year earlier. In-house broker Davy had forecast a net loss of 35.1 million (£30.6 million).

This week Ryanair's rival British Airways is expected to post losses of £200 million for the nine months to 31 December.

"We have now increased our full-year net profit guidance to 275 million from the lower end of the range of 200 million to 300 million previously guided," said Michael O'Leary, Ryanair chief executive.

Revenue increased by one per cent in the third quarter to 612 million (£534 million) and fares fell less than expected, allowing it to forecast that the fall in full-year yields - a measure of average fare levels - would be closer to 15 per cent than the 20 per cent expected.