Easyjet soars above rival Ryanair

[YahooNews]

British no-frills airline Easyjet on Tuesday announced soaring annual profits, in marked contrast to Irish rival Ryanair which recently shocked markets with another warning over its earnings. Easyjet said net profit surged 56 percent to £398 million ($641 million, 474 million euros) in the year to September 30 compared with the group's performance in 2011/12 -- as increased demand for its flights across Europe offset higher costs. It added in a statement that £308 million would be returned to shareholders via dividend payments, helping Easyjet's share price to rally on Tuesday. "Easyjet stock soared after confirming profits that beat arch rival Ryanair," said Toby Morris, senior trader at CMC Markets.