Ryanair announces Brussels expansion

Ryanir today reaffirmed year earnings forecasts despite easing fuel prices and said it had signed a 10-year deal for expansion…

Ryanir today reaffirmed year earnings forecasts despite easing fuel prices and said it had signed a 10-year deal for expansion at Brussels Charleroi Airport.

Chief Executive Michael O'Leary said Ryanair still expected to deliver a 10 per cent rise in net profit for the current year.

"We see no reason to change any of those forecasts," Mr O'Leary told reporters in Brussels.

Ryanair said it had signed a 10-year deal with Belgium to expand at Charleroi airport where it would add five new routes from April next year.

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The low-cost airline said the expansion would deliver 250,000 extra passengers to the airport a year, bringing the airline's annual traffic to Charleroi to 2.3 million. It will base a fourth aircraft at the airport as part of the plan.

Charleroi, one of Ryanair main European hubs, was at the heart of an EU Commission ruling earlier this year, ordering the airline to repay around €4 million in illegal subsidies.

Ryanair said in November, when it gave second quarter results, that it expected full year net profit before one-off items to reach €295 million.

Cost cuts have helped Ryanair offset high fuel prices.

It said last month it expected to beat its target of carrying 35 million passengers in the year to end-March 2006.