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Similarly net profits have increased from €48 million to €339 million over the same period.In 1986, the company added a second route – flying Dublin–Luton in direct competition with the Aer Lingus / British Airways duopoly for the first time.By 1995, after the consistent pursuit of its low-cost business model, Ryanair celebrated its 10th birthday by carrying 2.25 million passengers.In 1992, the European Union's deregulation of the air industry in Europe gave carriers from one EU country the right to operate scheduled services between other EU states and represented a major opportunity for Ryanair.O´Leary was charged with the task of making the airline profitable.O'Leary quickly decided that the key to profitability was low fares, quick turn-around times for aircraft, "no frills" and no business class, as well as operating a single model of aircraft.The airline has been characterised by its rapid expansion, a result of the deregulation of the aviation industry in Europe in 1997 and the success of its low-cost business model.Ryanair's route network serves 34 countries in Europe, Africa (Morocco), and the Middle East (Israel and Jordan).
The new airline would be separate from Ryanair and operate under a different branding.
After the rapidly growing airline went public in 1997, the money raised was used to expand the airline into a pan-European carrier.
Revenues have risen from €231 million in 1998, to €1,843 million in 2003 and €3,013 million in 2010.
A loss of €3.3 million in the second quarter of 2004 was the airline's first recorded loss for 15 years but the airline became profitable soon after.
The enlargement of the European Union on opened the way to more new routes for Ryanair.