Ryanair says it's on course to make a profit of up to €600 million this year. 

That's despite a fall in Quarter 1 profits fell by 21% to €78 million. 

The "ultra-low cost airline" says the drop in profits in the first three months of the year is partially caused by a 4% fall in average fare cost.

John Mullane of Cantor Fitzgerald says air traffic control strikes in France also played a part. 

O'Leary: Plan to announce new routes and bases

Ryanair CEO Michael O'Leary says the airline's seven new bases in "Eindhoven and Maastricht (Holland), Krakow (Poland), Zadar (Croatia), Chania (Greece), Marrakesh and Fez (Morocco) are performing well. "We plan to announce more new routes and new bases later this year as we exploit significant growth opportunities in markets where competitors including Air Berlin, Alitalia, Iberia, LOT, and SAS are cutting back. 

We are in ongoing negotiations with MAG, the new owners of Stansted airport to reverse six years of record traffic declines, but there is no guarantee that any deal will be agreed."

The airline says its outlook for the year remains "cautious" but says it expects Quarter 2 yields to rise despite "challenging" comparables because of last year's Olympic Games in London.

It says "recession, austerity, high fuel costs, and excessive Government taxes" are all still having an impact.