Ryanair profits down 78%

Ryanair, the world’s most hated airline, has just announced it’s latest results that show profits down 78%.

The figures show that the struggling airline has made a net profit in this year of just €105m, compared to €481m last year.

The blame has to lie firmly at the feet of Mr O’Leary who, having completely messed up the hedging of fuel prices for the year, has cost the airline a whopping 59% increase in fuel charges to €1.57m.

That’s 45% of their total costs!!!

Ryanair made a net loss after tax of €169m when a write-down of its investment in Aer Lingus is included in its full-year results to March 2009.

The budget carrier has written down €247m on the value of its 29% stake in Aer Lingus.

Keep a look out for crafty accounting and PR wizardry from the folks at Ryanair in an effort to cover this one up over the coming days!