Remember, normal rules don't apply at ryr.
CamelhAir, I have to disagree with you on this one,
Due to very poor oil market assessments Ryanair is for 97,5 % unhedged for the next financial year and oil price is currently $99.44. At their current hedged price ($65 untill 1-4-'08), fuel cost are approx. 39% of their total operating costs. At an assumed average price of $110 for 2008, fuel costs will be in the region of 62% of their total operating costs (!).
Even Ryanair can't dodge this bullet, I don't think we will see any profit this year (understatement).