Nov 3rd, 2009 - BusinessWeek
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From publically berating rival airlines to verbally chiding local airport operators, Michael O'Leary, chief executive of low-cost carrier Ryanair (Europe's largest airline by passenger volume), isn't known for being understated. So when the Ryanair CEO said on July 28 that oil prices were subject to ‘irrational exuberance,' you’d be forgiven for thinking he's mellowed out a little.
If anything, O'Leary - like many airline execs - has born the brunt of rising oil prices. Ryanair's first quarter adjusted profit fell 85% annually to $33 million on July 28 due to a 93% increase in fuel costs. That comes despite overall revenue jumping 12% to $1.2 billion in the first quarter due to a 19% increase in passenger volumes.
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