Budget airline Ryanair has raised its full-year guidance after posting a strong profit in the last three months of last year, with revenue gains more than compensating for fewer passengers.

Dublin-based Ryanair said Monday that it expected a full-year net profit of €480 million ($579 million), up €40 million from previous guidance.

For the three months ending Dec. 31, Dublin-based Ryanair reported a net profit of €14.9 million, compared with a loss of €10.3 million a year earlier when operations were affected by severe winter weather in December.

Ryanair carried 16.7 million passengers during the period, down 2% compared to the previous year, but revenue was up 13% to €844 million.