Ryanair profits hit by fuel costs

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The loss compares with a profit of 390.7m euros (£336.8m) 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.

But Ryanair said it hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.

Ryanair shares fell 6% following news of the loss in the year to March 31 - thought to be the first in the airline's history.

However, the company maintained that on an underlying basis and with a 91.6 million euro (£79 million) writedown on the Aer Lingus stake stripped out, its figures showed a more "robust" net profit of 105 million euros (£90.5 million).

Ryanair also pledged to continue slashing prices to attract consumers in the recession. It saw fares fall by 8% in the past year and said average prices would drop by another 15% to 20% this year to around 32 euros (£27.60) per passenger amid a "deep recession".

Airline boss Michael O'Leary said the airline would continue to tap into the consumer search for value for money.

"In this recessionary environment, we intend to continue to offer European consumers more competition, more choice and even better value just like Aldi, Lidl, Ikea and McDonalds are doing in their respective industries."

The sector has been battered over a turbulent past year, as oil prices hit nearly 150 US dollars a barrel last summer and as cash-strapped consumers cut back on travel.

Ryanair's fuel bill rocketed to 1.25 billion euros (£1.09 billion) amid last year's oil price bubble, although the group hopes to see fuel costs plunge by 450 million euros (£387.7 million) in the current year.