Ryanair net profit jumps 20% in first half

Ryanair said on Monday that net profits climbed 20 percent in the group's first half on higher passenger numbers, leading the Irish no-frills airline to raise its full-year earnings target. Profits after tax increased to 543.5 million euros ($747 million) in the six months to September 30 compared with 451.9 million euros during the same part of 2010, Ryanair said in a statement. It added that passenger numbers rose 12 percent to 44.7 million people over the reporting period, helping to raise revenues by 24 percent to 2.7 billion euros. Ryanair chief executive Michael O'Leary welcomed the results, which came despite "significantly higher oil prices, and an economic downturn in Europe", he said in the statement. The airline meanwhile said that it was raising its full year net profit guidance by 10 percent to 440 million euros. Ryanair announced earlier this year that it was grounding up to 80 planes during the northern hemisphere winter to combat higher fuel costs.