No-frills, Irish airline Ryanair yesterday raised its annual earnings forecast as it swung into a quarterly profit thanks to falling fuel costs and higher passenger growth. The airline posted a net profit of 49 million euros from October to the end of December compared with a loss of 35 million euros during the equivalent period in 2013, the Dublin-based company said in a results statement. Ryanair lifted its profit guidance for 2014-2015 to between 840 million euros and 850 million euros from a previous forecast of up to 830 million euros. It is the fifth time that the airline has raised its profits forecast for the current financial year that runs to the end of March. It said that fuel costs dropped by 2 percent, with jet fuel prices declining as a result of tumbling crude. The airline cautioned that its profit growth expectations were "modest" for next year as it expects rivals to cut fares because of cheaper oil prices.