By Quentin Fottrell
Of DOW JONES NEWSWIRES
DUBLIN -(Dow Jones)- Ryanair Holdings PLC (RYAAY) Monday said second-quarter net profit rose 34% on substantially lower fuel prices, but it expects to make a material loss during the second half as winter yields fall 20%.
The airline maintained its full-year guidance for net profit at the lower end of a range of EUR200 million to EUR300 million.
For the three months to Sept 30, Ireland's largest budget airline posted net profit of EUR250.5 million, up from EUR185.8 million for the same period last year.
"These results are heavily distorted by a 42% fall in fuel costs, which has masked a significant 17% decline in average fares," said Chief Executive Michael O'Leary.
He said Ryanair has made little progress in its discussions with Boeing Co (BA) for an order of 200 aircraft for delivery between 2013 and 2016.
O'Leary said ancillary revenues grew by 8% to EUR346.3 million in the first half, accounting for almost 20% of revenues. Ryanair also posted a 1% fall in second quarter revenue to EUR992 million versus EUR1.03 billion and diluted earnings per share of 16.90 cents versus 12.55 cents.
At Friday's close, Ryanair stock was down 1% at EUR2.95 in Dublin in a weak overall market, up slightly from EUR2.50 this time last year.
Company Web site: http://www.ryanair.com
-By Quentin Fottrell, Dow Jones Newswires; +353-1-676-2189; quentin.fottrell@dowjones.com