Ryanair reported a net profit of €820 million for the first quarter of the airline's fiscal year, which ended in June. This compares with €360 million in the same quarter last year.

The result is significantly better than expected. Analysts had expected an average of 688 million euros, according to Bloomberg.

Sales during the quarter rose 20 percent to 4.34 billion euros, which was also more than expected.

High demand for air travel 

According to the report, demand for air travel is strong during the important summer period, including when competing airlines have capacity problems.

The report will then Ryanair shares have risen by 21 percent since the turn of the year. The major competitors in the low-cost segment of the airline market – Easyjet and Wizz Air Holdings – have simultaneously fallen by 11 and 27 percent respectively since the turn of the year.

Source: Expressen.se