Lower fares and higher costs see profits slump 27% despite 24% increase in passengers

RYANAIR’S third-quarter profits slumped 27% as lower fares and higher costs offset a 24% increase in the number of passengers flown.

Adjusted profits after tax, which excludes a €12.1 million gain on the sale of five aircraft, in the three months to end December 2007, fell to €35m from €48m in the third quarter of 2006.

The fall in profits came despite carrying 2.1 million more passengers during the three-month period.