Low-cost airline, Ryanair, reported today a loss of _180.4 million for the full-year. Ryanair held rising fuel costs & lower fares responsible for the loss.

59 % rise in fuel costs to _1.2 billion played a vital role in the company's hitting the bottom line.

This great loss has caused Ryanair's shares to slip nearly _0.21, or 5.69 per cent, to _3.44.

Now Ryanair has planned to cut average fares by up to 20% this year.

The airline's maverick chief executive, Michael O'Leary, is persistent that Ryanair will emerge stronger from the recession despite the loss.

Ryanair's loss compared with a profit of _438.9m in 2008 and includes writing down the value of its stake in Aer Lingus (its Irish rival) by _222 million. If that write down and other exceptional items are excluded, Ryanair still made _481.1m of profit. 

Ryanair has new plans to broaden its fleet from 188 to 202 in the summer, which will again be enlarged to 244 by next summer and finally to 303 by 2012.

The deputy chief executive of Ryanair, Michael Cawley said, "The demand is there, business is there, it's just a question of getting the right price from our suppliers.