,Ryanair, Europe's largest low-cost airline, saw a 21-percent increase in net profit during its first quarter, as a 30-percent hike in passenger numbers helped to offset a doubling of fuel costs, the company said Tuesday.

The Irish no-frills carrier said net profit climbed to 64.44 million euros (78.80 million dollars) in the three months to June 30 from 53.08 million euros, as passengers welcomed Ryanair's decision to to impose fuel surcharges.

"The increased profits... underlines the fundamental strength of the Ryanair low fares model, which delivers profitable growth even during periods of intense competition and significantly higher oil prices," chief executive Michael O'Leary said in a statement.

The airline's results were published less than a week after the collapse of Irish-registered budget carrier EUjet.