Ryanair profits up, says fares will fall

CEO: “If there is a fare war in Europe, Ryanair will win”
Low-cost carrier Ryanair expects its average fare to decline by 7% this year, it said today after posting a 43% increase in full-year net profit to €1.2 billion, slightly less than industry analysts had forecast.
Revenues for the full year to the end of March rose 16% to €6.5 billion. Prices will be further cut to boost market share as competition intensifies, said chief executive Michael O’Leary.
“If there is a fare war in Europe, then Ryanair will be the winner,” he said.
Negative hits on the airline’s fortunes in the fourth quarter came through the Brussels terror attacks as well as lower fares due to falling oil prices, the carrier said. It uses what it calls a ‘load factor active/yield passive’ model, meaning that it cuts fares by as much as necessary to keep its planes full. Despite this, it expects profit for 2017 to rise by 13%.

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