Ryanair raises profit forecast after putting up fares

- Full-year profit forecast now €480m- Quarterly profit of €15m- Fares up by an average of 17%- Fuel prices pose 'significant challenge' - O'LearyRyanair has raised its profit forecast, saying higher ticket prices were more than making up for expensive fuel and reduced capacity, underlining the resilience of the low-cost sector as long-established airlines struggle.The Irish low-cost carrier, Europe's largest, increased its full-year profit forecast by 9% to €480m (£400m) after posting revenue growth of 13% in the three months to 31 December."The EU recession, higher oil prices, the unfolding failure of the package tour operator model, significant competitor fare increases and capacity cuts, has created enormous growth opportunities for Ryanair," the chief executive, Michael O'Leary, said in a statement.It reported a net profit of €15m, well ahead of a €16m loss forecast in a poll of 21 analysts compiled by the company, after it grounded 80 of its 270 planes over the winter