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Ryanair profits take off

Well, somebody's making money. Ryanair said its profit rose 26 percent in the year to March but despite the positive news the no frills carrier is being cautious about prospects for future growth.

The airline's profit for the year was €401 million, compared to €319 million the previous year, the Irish Times reported.

Revenue gained 21 percent to €3.63 billion, fueled by rising airfares, which were 12 percent higher than the same period a year earlier.

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Traffic rose eight per cent in the same period, with the airline carrying 72 million passengers. However, the airline said it was facing challenges from rising costs, with oil prices and increased airport operator charges the main contributors. Fuel costs were up 37 percent compared to the previous year, reaching €1.2 billion.

According to the report, Ryanair said it had hedged 90 percent of its fuel requirements for its upcoming fiscal year at about $82 per barrel, 12 percent more than last year's prices, but "significantly below" current prices.

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