NO-FRILLS AIRLINE RYANAIR has this morning announced an increase in net profit of 17% for the first six months of its financial year, recording whopping net profit of €452m for the months from April to September.

The airline’s revenues increased to €2.2bn, up 23%, on the back of a 10% increase in the number of passengers carried, which reached 40.1 million. Earnings per share were also up by 16% as a result, to 30.47c.

The remarkable figures came in spite of the sustained closures of European airspace as a result of the Iceland ash cloud caused by the eruption of Eyjafjallajokull, which had required it to refund between €32m and €50m in air fares to 1.45 million passengers as a result of over 9,400 cancelled flights.

The airline’s CEO Michael O’Leary said the increase in half-year net profit was “testimony to the robustness of Ryanair’s lowest cost/lowest fare model which continues to deliver traffic and profit growth even during a deep recession.

“We continue to gain market share across Europe from the big three high fare flag carrier groups led by Air France, BA and Lufthansa. We expect this trend to continue as consumers switch to Ryanair for the lowest fares, the most on time flights, and the best customer service.”

The airline added that its average fare per flight to about €44, with €13 in additional auxiliary charges.

Ryanair’s fuel costs were up to €660m, an increase of 44%, which were down to an increase in the cost of oil as well as the increased usage.

The figures also saw the airline increase its forecast of full-year net earnings from between €350m-€375m to €380m-€400m.

The announcement comes days after Ryanair pulled flights from Frankfurt – cutting 150 jobs, with the knock-on effects likely to affect 1,000 more – in protest at its plans of introducing an €8 travel tax.