Ryanair 2011 forecast up to $605m

Ryanair increased its 2011 profit forecast by 10% today, saying higher revenues per passenger mile would offset higher fuel prices. Ryanair said it had seen virtually no impact from the downturn in consumer confidence, but warned traffic would fall in the coming months as it grounded aircraft as a result of high fuel prices. The airline said it expected to make a profit before tax of €440 million ($605 million) for its 2011 financial year, up from its previous forecast of 400 million. Passenger yield is forecast to grow to 14% in Q4, up from 12% previously forecast. Chief Financial