Profit at Ryanair Group declines 46% with airline citing weaker airfares

The company’s revenue per passenger fell by 10% compared to last year

Ryanair chief executive Michael O’Leary said while demand remains strong over the coming months, 'pricing remains softer than we expected' and it now expected fares between July and September to be 'materially lower than last summer'. Picture: Chris Radburn/PA Wire

Profit at Ryanair Group fell by 46% during the first three months of its financial year to €360m, with the company citing weaker than expected airfares.

Ryanair Group — which encompasses the Ryanair airline, Buzz Air, Lauda Air, and Malta Air — said overall revenue fell by 1% to €3.63bn, while operating costs increased 11% to €3.26bn. The company said fuel hedge savings offset higher staff and other costs, which was in part due to Boeing delivery delays.