Ryanair reports 8% drop in profits

Ryanair has reported an 8% drop in profits in the three months to the end of December.

The total has come in at €95m, and the company says traffic figures grew by 16% to 29 million customers.

The company opened five new bases in the quarter, and is preparing more new bases and routes in continental Europe for 2017.

Spokesman Kenny Jacobs says they're confident their business model is the way forward.

"2017 is the first year that over 50% of the flights within Europe will be on a low-cost airline and one in three of those will be on a Ryanair aircraft.

"So, low-cost is now dominating in Europe, so it's the right time to be adding capacity. We continue to see the legacy carries shrink capacity across Europe," said Jacobs.

Ryanair’s CEO Michael O’Leary said: “As previously guided, our fares this winter have fallen sharply as Ryanair continues to grow traffic and load factors strongly in many European markets.

"These falling yields were exacerbated by the sharp decline in sterling following the Brexit vote."

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