Irish no-frills airline Ryanair announced Monday that it rebounded back into bumper annual net profits on a “strong” post-Covid recovery in passenger traffic.

Profit after taxation soared to 1.4 billion euros ($1.5 billion) in the 12 months to the end of March, after a net loss of 355 million euros in its previous financial year, Ryanair said in a results statement, adding it was also lifted by rising fares despite surging costs.