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Ryanair optimistic about profit

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Ryanair optimistic about profit

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Irish airline Ryanair has raised its profit forecast for this year and said it has been able to exploit the slump in the airline industry.

Europe’s biggest low-cost carrier saw its shares rise sharply after saying it continues to gain market share from the region’s leading flag carriers Air France-KLM, British Airways and Lufthansa.

Ryanair’s net loss in the three months to the end of the year was just under 11 million euros, much better than analysts had forecast, and a huge improvement on the over 118 million euro net loss during the same period a year earlier.

It said fares are declining less than anticipated after it introduced routes with better growth potential.