Dublin (Reuters) - Europe's largest low-cost airline Ryanair has earned more than ever before in the past quarter and registered high demand despite inflation.

"We had record bookings in the second and third weeks of January and very robust demand through Easter and summer," said CFO Neil Sorahan on Monday. There was no sign of a recession in bookings. The airline is benefiting from the return of Asian tourists and the strong US dollar, which is attracting Americans to Europe, added Ryanair boss Michael O'Leary.

In the seasonally weak period from October to December, the third quarter of the 2022/23 financial year for Ryanair, the airline earned 211 million euros - around twice as much as in the previous record Christmas quarter of 2017. Revenue rose by 57 percent year-on-year to 2.3 billion euros. Ryanair carried 38.4 million passengers in the quarter, an increase of 24 percent. Ticket prices were on average 14 percent above the pre-crisis level. The price increase compared to last year could perhaps be in the mid to high single digits around Easter and in the summer, said O'Leary. The available capacities in Europe are still scarce. Some airlines are deliberately limiting them in order to charge higher ticket prices.

The leading European airline in terms of passenger numbers is aiming for 168 million customers for the full financial year - far more than the pre-crisis record figure of 149 million. The Executive Board confirmed its recently raised forecast of a net profit of 1.325 to 1.425 billion euros for the financial year ending in March. Growth is expected to continue unabated to 185 million passengers next year.

According to O'Leary, Ryanair intends to consider a dividend payment to shareholders in spring 2024. Moderate distributions would be possible if the earnings situation and the reduction in debt provided sufficient liquid funds.

The low-cost airline significantly increased its market share in some markets compared to before the coronavirus crisis: In its home market of Ireland, Ryanair increased its share by nine percentage points to 58 percent. In Poland, the Irish airline now has 38% after 27%. In Italy, where Lufthansa wants to strengthen its position with the state-owned Italian airline ITA Airways, Ryanair now dominates with 40 percent, compared to 26 percent before the pandemic. Ryanair CEO O'Leary said that with the current growth trend, the airline could reach 50 percent within two years. He had recently demanded that ITA give up traffic rights at Rome Fiumicino Airport in exchange for antitrust clearance for Lufthansa's entry.

O'Leary also has the Ukraine in mind for his growth plans. Before the outbreak of Russia's war against Ukraine, Ryanair wanted to open a base there with 20 aircraft. As soon as it is safely possible, the airline wants to return there, said the CEO. The company is already hiring cockpit and cabin staff from Ukraine in order to be prepared for an opening after the end of the war. Meanwhile, O'Leary does not expect a shortage of pilots in Europe.

(Report by Connor Humphries, written by Ilona Wissenbach and Anneli Palmen, edited by Myria Mildenberger; if you have any questions, please contact our editorial team at frankfurt.newsroom@thomsonreuters.com (for companies and markets)).