Ryanair profit falls despite increase in revenue and passenger numbers
Profit after tax at Ryanair has fallen 7pc to €1.2bn in the six months to 30 September.
In a trading update today the low-fares airline blamed the fall in profit on lower fares, as well as higher oil and EU261 costs.
During the six month period average fares declined 3pc due to excess capacity in Europe and an earlier Easter in the first quarter of the year, the airline said.
However revenue at Ryanair increased 8pc year-on-year to €4.8bn.
Meanwhile, passenger numbers increased 6pc to 76.6 million during the period.
"As recently guided, H1 average fares fell by 3pc," Michael O’Leary, CEO of Ryanair, said.
"While ancillary revenues performed strongly, up 27pc, these were offset by higher fuel, staff and EU261 costs. Our traffic, which was repeatedly impacted by the worst summer of Air Traffic Controllers disruptions on record, grew 6pc at an unchanged 96pc load factor," he added.
Earlier this month Ryanair issued a profit warning that saw its shares plunge. Today it said that its full-year profit guidance was remaining unchanged at between €1.1bn and €1.2bn.