Ryanair quarterly profits fall by 8%

But low-cost airline sticks to full-year forecast
Ryanair blamed tumbling air fares for declining profits, which fell by 8% to €95 million during the third quarter of its financial year ending December 31. This is despite the fact that revenues rose 1% to €1.345 billion during the three months.
The decline in the pound that followed the Brexit vote in the UK also contributed to the profit fall. Passenger numbers, however, rose 14% to 28.8 million and the airline said it sold 95% of the available seats on its planes, a record for its third quarter.
As the airline had predicted, fares have fallen sharply this winter as Ryanair traffic grew in many European markets.
“These falling yields were exacerbated by the sharp decline in sterling following the Brexit vote,” chief executive Michael O’Leary said.
But the airline is sticking to its profit forecast for the full year, ending on March 31, of €1.3 billion to €1.35 billion – depending on any unforeseen events.
Ryanair cut costs by 12% in its Q3 period, opened 95 routes and five bases, and took delivery of 10 new 737-800 aircraft.
Irish Times


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