The traffic growth in Q1 was flattered by the air space, the volcanic ash airspace, closures in April and May last year, which caused the cancellation of 9,500 flights and the loss of almost 1.5 million Ryanair passengers. So our 18% traffic growth combined with an 11% rise in average fares led to a 29% increase in revenues. Significantly higher revenues were largely offset by higher costs, principally fuel, which rose 49% to EUR 427 million. Despite essentially higher fuel costs, we still recorded profit after tax of EUR 139 million, slightly up on Q1 of last year. Our robust result is testimony to the strength of the Ryanair lowest fares, lowest cost model.Ancillary sales grew 22% to EUR 248 million, somewhat faster than traffic and amounted to 21% of total revenues. We've recently started trials of reserved seating for the 21 extra legroom seats on selected routes for a fee of EUR 10 per seat. And if these trials are successful, particularly during the peak period, we'll roll out reserved seating across more of our longer routes in the network this winter.
Ryanair Holdings Plc's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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