Ryanair has reported an annual loss of 169m euro (£146.3m) for the year ending 31 March 2009, which compares with a profit of 391m euro (£338.3m) during the previous 12 months.

The Irish budget airline has blamed the loss on a 59 per cent increase in fuel prices, as well as writing down its investment in Aer Lingus by 222m euro (£192.1m) after it admitted concerns over the future of its rival. However, Ryanair said that it is expecting to double its post-tax profits to more than 200m euro (£173.1m) during the current year after reporting a 15 per cent increase in the number of passengers.

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."