Ryanair with 24% profit decrease
The Irish low cost airline services to Ryanair Holdings reported a profit decline of 24 percent in the second quarter, the first fiscal year for the company. Thus the positive result of EUR 93.7 million. For the same period last year, the company had a profit of 123 million. Operating profit of Ryanair, however, increased from 774.7 million a year ago to 869.8 million, the report shows. The company announced that the closure of airspace over Europe because of the Icelandic volcano eruption in April has affected a lot of negative results. Because it had been canceled Flight 9400, having lost more than 1,5 million passengers. However, expectations for performance this year remained unchanged. Estimates are that passengers will be transported by 11 per cent more than last year, or about 73.5 million people. Expectations are for profit growth of 10-15 per cent to 350 million. the company realized bad credit secured loans to recover the loses from Vulcano crisis. This caused serious problems for the company, which was among the biggest losers from this crisis. Ryanair Holdings invested some discount mortgages into marketing strategy to increase the usage of low-cost flights in Europe.
Citigroup with small profit decrease
The U.S. bank Citigroup said its profits drop 37 percent in the second quarter on an annual basis. However the statement of the financial institution out better than analysts' estimates. The company decreased the number of unsecured personal loans and won the approval from the financial analyzers and US government. Of Citigroup profits in the second quarter was 2.7 billion dollars, or 9 cents a share. For the same period last year it was 4.3 billion dollars. Profits to holders of ordinary shares does is 2,7 billion dollars, which is 300 million less than last year, data show. The evenue in the financial giant have fallen by 33%, having dropped from 33.1 billion to 22.1 billion dollars. Preliminary analyst expectations were for earnings of 5 cents per share based on 22.4 billion dollars revenue, reported Market Watch. "Although the market situation has led to declining revenues from investment banking, lending improves for the fourth consecutive quarter," said CEO Vikram Pandit of Citigroup. Positive moment in the statement of the bank is reducing by half the reserves to cover possible credit losses. They are down from 12.68 billion dollars for the second quarter of last year to 8.62 billion dollars during this reporting period.
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