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(RTTNews) – Irish ultra low-cost carrier Ryanair Holdings reported Monday a strong growth in second-quarter profit with strong demand and increase in average fares. Looking ahead for fiscal year 2023, Ryanair expects an adjusted profit, and also raised traffic view.

For fiscal year 2023, Ryanair expects that it will minimize its winter losses which would enable it to record pre-exceptionals profit after tax in a range of 1.00 billion euros to 1.20 billion euros.

Ryanair modestly raised its traffic guidance to 168 million passengers from prior outlook of 166.5 million passengers. The outlook remains dependent on Boeing meeting their delivery commitments, especially for Christmas extras and Spring mid-term. The outlook reflects growth of 13 percent on pre-Covid traffic.

Ryanair’s Michael O’Leary, said, “The recovery for the remainder of FY23 remains fragile and could yet be impacted by new Covid variants or adverse geopolitical events such as Ukraine. However forward bookings (both traffic and fares) remain strong over the Oct. school mid-terms and into the peak Christmas travel period. We hope to avoid any repeat of last year’s Omicron lockdowns which damaged last Christmas at such short notice.”

In the second quarter, profit before tax surged to 1.22 billion euros from last year’s 224.6 million euros.

Profit attributable to equity holders of parent was 1.08 billion euros or 0.9456 euro per share, compared to 225 million euros or 0.1975 euro per share in the previous year.

Pre-Exceptional profit before tax was 1.36 billion euros, and pre-exceptional after tax profit was 1.20 billion euros. The results reflected significant growth in traffic, strong operational reliability and robust summer fares.

Total operating revenues surged 125 percent to 4.01 billion euros from 1.78 billion euros in the prior year.

Scheduled revenues increased 163 percent to 2.85 billion euros, as traffic recovered strongly. Customers surged 60 percent to 49.5 million from prior year’s 31 million. Average fares were 65 percent higher, while the growth was 14 percent on the same quarter pre Covid-19.

Ancillary revenues also climbed 66 percent from last year to 1.17 billion euros.

In the first half, profit before tax was 1.42 billion euros, compared to loss of 99.9 million euros last year. Total operating revenues surged 207 percent to 6.62 billion euros, Scheduled revenues increased 248 percent and Ancillary revenues climbed 149 percent.

Customers surged 143 percent to 95.1 million with strong recovery in summer traffic. Load factor was 94 percent, up 15 percentage points from 79 percent a year ago.

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By RTTNews