Ryanair is unlikely to make another bid for Aer Lingus
Irish budget airline Ryanair has posted a third-quarter net loss after being hit by rising fuel costs.
Europe's largest low-cost carrier posted a 101.5m euros ($130.4m; £90m) adjusted net loss for the three months to the end of December.
That compares with a 35m euros profit at the same stage a year ago.
But the Dublin-based low-cost carrier says thanks to fuel costs now falling it expects to make a full-year net profit in the 50m to 80m euros range.
It had previously forecast that it would only break even, after being hit by last year's rising oil prices, which saw its fuel costs rise by 71% in the final three months of 2008.
"The 38% reduction in oil prices which our fuel hedging has secured will ensure that Ryanair returns to substantial profitability next year, when many of our competitors will be reporting losses," Ryanair said.
And chief executive Michael O'Leary said that the longer and deeper the recession, then the "better it will be for the lowest cost producers in every sector".
Last month the Irish government rejected Ryanair's bid for rival airline Aer Lingus, saying the offer greatly undervalued the Irish flag carrier.
On Monday, Ryanair said it doubted it would make another offer for the Aer Lingus.
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