Ryanair announces early dividend

Now Reading:

Ryanair announces early dividend

Text size Aa Aa

Irish airline Ryanair has said it will pay its first ever dividend to shareholders in October.

Previously it said they could not expect a dividend before 2013.

That word came as Europe’s biggest low-cost carrier swung back to an adjusted net profit of 319 million euros for the year to March.

Passenger numbers increased by 14 percent from the previous year.

Chief Executive Michael O’Leary said his gain is British Airways loss: “I think largely speaking they (Ryanair’s good results) are the causes of much of BA’s losses. I mean, passengers are increasingly switching to flying with Ryanair, because they get the lowest fares, the most on-time flights, and we don’t lose their bags either.”

Last month, British Airways reported a second straight year of record losses.

As well as the economic downturn it has been losing revenue due to a series of strikes by cabin crews.

The long-running industrial dispute has arisen from the airline’s attempts to cut costs and staffing levels.

Seven days of walkouts in March are estimated to have cost BA 51 million euros.