Ryanair has made it onto Forbes business magazines top 10 list of the biggest airlines in the world, coming in at number 9.
Delta Airlines topped the list, followed by United Continental Holdings, with Aer Lingus getting the third spot.
The Irish Independent says that Ryanair has seen their unit costs become 2% lower for the financial year that ended in March, despite the airline undergoing significant expansion. The company, which carried 106 million passengers over the past year, has also reported its profits increasing to €1.24 billion and revenue climbing 16% to €6.53 billion.
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Despite facing increased fare competition throughout Europe and the impact of terrorist attacks, Ryanair is expecting to make a €1.4 billion profit for this financial year.
Ryanair boss Michael O'Leary says that by having a large cash buffer it will allow the airline to make opportunistic aircraft purchases which also has the added benefit of “frightening away competition” from engaging in a fare war.
O'Leary hopes that the planned purchase of 100 Boeing 737 Max aircrafts could be the "game-changer" that will get the airline further up Forbes list.