Ryanair, operating since 1985, reported its first annual loss on Tuesday.
Higher fuel costs and a write-down of its 29.8% stake in Aer Lingus pushed Ryanair to a net loss of 169.1 million euros (about $240 million) for the 12 months ended March 31, 2009.
Ryanair's fuel bill was up 59% for the year, but the European low-fare carrier would have overcome higher oil prices to report a profit if it weren’t for the airline’s souring investment in Aer Lingus.
Ryanair's adjusted profit after tax was 105 million euros, but that did not include the Aer Lingus impairment charge. Aer Lingus' plunging stock price prompted Ryanair to write down its holding in the Irish flag carrier by 222 million euros, sending Ryanair into the red.
During the year ended March 31, Ryanair made its second attempt to acquire Aer Lingus, but Ryanair was rebuffed.
"We remain deeply concerned about the future of Aer Lingus, which continues to lose traffic [and] suffer rising losses and falling cash balances under a board which has shown it has no vision and no strategy for improving shareholder value," Ryanair said in its financial report.
Aer Lingus' after-tax loss for 2008 was 108 million euros. Former CEO Dermot Mannion, who had persuaded investors to reject Ryanair's offer, resigned in April.
