( CNN ) -- Irish low-cost airline Ryanair posted a €169 million ( $ 240 million ) loss in the last year after being hit with higher fuel costs and a writedown in its investment in rival carrier Aer Lingus . Ryanair has forecast a rise in passenger numbers this year . Ryanair 's boss Michael O'Leary said though that he hoped to see a recovery this year , forecasting profits to `` at least double '' thanks to anticipated lower fuel costs . The loss compares with a profit of €390 million the previous year . The company said that with the writedown on the Aer Lingus stake stripped out , its figures showed a more `` robust '' net profit of €105 million . The number of passengers travelling on Ryanair planes increased by 15 percent in 2008/09 to 58 million and the airline said it hoped to increase that number to 67 million this year by cutting average fares by upt to 20 percent . Richard Hunter , head of UK equities at Hargreaves Lansdown Stockbrokers , said the Aer Lingus stake was `` an albatross around the company 's neck . '' He told the Press Association : `` There are , however , also a number of positives , not least of which is the determination of Ryanair to continue to make life uncomfortable for its competitors . `` Growth in passenger numbers and a focus on costs were proof that the company has a close eye on strategic wins , while further reductions in fares could well tempt travellers who are currently deserting other legacy carriers . ''
Irish low-cost airline Ryanair posts €169 million ( $ 240 million ) loss in last year . Ryanair 's boss Michael O'Leary said he hoped to see recovery this year . Company said that after stripping out writedowns it made €105 million profit .