The load factor was up in Q1 due to the timing of Easter
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So Easter existed in May and June as well then ????
The average income per pax was down 13% and would have been down more if easter had not been in Q1 this year.
In which case they would have enjoyed the benefit in Q4 2008/9 then
Ryanair admit a 15-20% drop in income per pax is possible.
Funny you don't accept their word for anything else but if its negative then you do.
The have 16 more planes to pay compared to 3 months ago. come the winter they will have more parked then ever before. The business model need the assets to work very hard as every sector makes such a small income. They have gone past the point were the model works. cuts in fares to generate more traffic is pulling the price down so far that you make less income by being bigger. If we pull out of downturn the oil price will rise and kill the airline. If we stay in a downturn the yeald will keep going down to keep new pax flying.
So if you stay in a downturn they die, come out of it they die
Think you and crystal ball gazing don't get on.
Perhaps if you bothered to look beyond your bias you might look at the almost 1000 new departures from Italy and Spain that have helped their passenger numbers but doubt you would see that.
Funny that they the only airline that seems to be making money in the downturn so in an upturn why would they stop doing it when they could allow fares to rise easily.
They make €9 profit per passenger which is quite decent return given few airlines are making a profit.