LONDON (AP) -- Budget airline Ryanair raised its full-year earnings guidance on Monday as it posted a strong profit in last three months of last year, with revenue gains more than compensating for fewer passengers.
Dublin-based Ryanair said it expected a full-year net profit of euro480 million ($579 million), up euro40 million from previous guidance.
Ryanair shares were up 2.4 percent at euro4.25 in early trading on the London Stock Exchange.
For the three months ending Dec. 31, Dublin-based Ryanair reported a net profit of euro14.9 million, compared with a loss of euro10.3 million a year earlier when operations were affected by severe winter weather in December.
Ryanair carried 16.7 million passengers during the period, down 2 percent compared to the previous year, but revenue was up 13 percent to euro844 million.
The company said it increased yield by grounding 80 aircraft and raising fares by an average of 17 percent.
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