Published Monday, 21 May 2012
Michael O’Leary welcomed the results. (© Getty)
The figure is up by 25%, the company announced on Monday, while revenue has risen 19% to €4,325m.
Over the past 12 months Ryanair has carried 76m passengers, almost four million more than the year before.
Michael O'Leary from the company described the increases as "commendable" amid tough economic times across Europe.
"This 25% profit increase to a new record of €503m and 5% traffic growth during a year of higher oil prices, and deep recession in Europe was a commendable result," he said.
"Our fuel bill rose over €360m as oil prices increased 16% from $73 to $85pbl.
"Excluding fuel, adjusted unit costs were flat during the year due to aggressive cost control, despite a modest company-wide pay increase, higher Eurocontrol fees and increased airport costs.
"Ancillary revenue outpaced traffic growth, rising by 11% to €886m or 21% of total revenue."
© UTV News