Irish airline Ryanair posted an 80 percent rise in first-half profit and said Monday it could reverse its long-standing strategy of rapid growth and distribute cash to shareholders instead.

Ryanair, which has thrived on consumers trading down in the recession, said it was still winning substantial market share from major flag carriers Air France-KLM, British Airways and Lufthansa.

But it said its first half profit rise had been helped by a 42 percent fall in fuel costs and masked a 17 percent decline in fares, with that fall in ticket prices set to accelerate in the second half.

Ryanair expects fares to decline by up to 20 percent in the last two quarters of its 2009/10 fiscal year, making each of those quarters loss-making, but affirmed its forecast for full-year net profit at the lower end of a EUR200 million to EUR300 million euro range.

Europe's biggest budget carrier said its talks with Boeing on an order for 200 aircraft had not progressed much, adding it could end its traditional relationship with the aircraft maker.

"We see no point in continuing to grow rapidly in a declining yield environment, where our main aircraft partner is unwilling to play its part in our cost reduction program," Ryanair CEO Michael O'Leary said.

"If we cannot invest our surplus cash efficiently in new aircraft, then we should distribute it to shareholders," O'Leary added.

Net profit before exceptional items in the six months to the end of September came in at EUR387 million (USD$573.7 million).