Ryanair has reported a net annual loss for the first time of Euros 169 million for the 12 months to 31 March 2008.
The low cost carrier blamed higher fuel costs and its decision to write down the stake it currently has in Aer Lingus.
Sales reached Euros 2.94 billion over the period – an increase of 8.4% on the previous 12 months.
However, fuel costs jumped from 791 million to Euros 1.26 billion.
Chief executive Michael O’Leary, said: “Despite the global recession and record high oil prices Ryanair’s lowest fare/lowest cost airline services again delivered traffic growth and profitability which demonstrates the fundamental strength of the Ryanair model.”