Profits tumble over 20pc at Ryanair on the back of lower fares and higher costs
Profits after tax at Ryanair fell 21pc year-on-year to €243m in the three months to 30 June.
The airline blamed lower fares, as well as higher fuel and staff costs for the decline, according to quarterly results from the group.
The two weakest markets for Ryanair were Germany and the UK, where it said Brexit concerns are weighing negatively on consumer confidence and spending.
However, revenue was up 11pc to €2.31bn.
Passenger numbers increased compared to the prior year, also up 11pc, with the airline carrying 42 million people during the three months.
Revenue per passenger was flat at €55 during the period.
Elsewhere, Ryanair reiterated its confidence that the Boeing 737-Max aircraft, the first of which it expects to take delivery of next January at the earliest, will "transform" its business.
“We have great confidence that these “gamechanger” aircraft (which have 4pc more seats, but burn 16pc less fuel and have 40pc lower noise emissions) will transform our costs and our business,” Michael O’Leary, CEO of Ryanair, said.
“Due to these delivery delays, we will not now see these cost savings delivered until financial year 2021,” he added.
Looking to the rest of this year and Mr O’Leary said the airline continues to guide “broadly flat” profit after tax for the year of around €750m to €950m.
“The current weak fare environment has continued into quarter two and we expect H1 [half year] fares to be down approximately 6pc,” he added.