No-frills airline Ryanair has reported a 30% profit rise for the last three months of 2006 - despite fears that fuel costs would have hit the firm.
Ryanair carried 19% more passengers than a year ago
Net, or post-tax, profits for the period rose to 47.7 million euros (£31.4m), up from 36.8m euros in the same period a year earlier.
It also carried 19% more passengers than in the same period in 2005.
Ryanair said that hedging its fuel bills for 2007/8 meant it could save 60m euros a year.
Its bill for fuel in the final quarter of 2006 was 52% higher than a year ago - at 175m euros.
In its results statement, Ryanair chief executive Michael O'Leary reiterated his attack on the recent increase in passenger duty people pay when taking flights from the UK as "regressive, unfair and penal".
He also repeated his view about "the recent hysteria" over the impact of flying on climate change which he said was "misguided and misplaced".
"Aviation accounts for less than 1.6% of greenhouse gas emissions and we expect, in time, that the media and the government will focus on the causes of 98% of greenhouse gas emissions", he said.
Ryanair added that since it had begun charging customers for each item of baggage they checked in, more passengers were travelling with hand luggage only.