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Budget airline Ryanair reported record profits Monday as its recession-resistant business model continued to attract passengers from higher-fare carriers amid Europe’s debt crisis.

The Dublin-based airline said its net profit for the fiscal year ending March 31 rose nearly 50 percent to €560.4 million ($715 million), the highest figure ever for the 27-year-old airline.

Ryanair ” known for its brash boss and its in-your-face advertising style ” did offer a typically cautious outlook. It forecast that passenger numbers in the current fiscal year would rise a further 5 percent to 79 million, chiefly in the peak April-September period, but rising fuel costs were likely to weaken profits to an annual net figure of between €400 million and €440 million.

source: Associated Press

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