Ryanair profits nearly halved in first quarter results with softer pricing in summer

Ryanair’s profit after tax in the first quarter of the fiscal year fell 46% to €360 million, compared to the same period last year. While it saw strong traffic growth of 10% to 55.5 million passengers, the timing of Easter holidays and softer than expected pricing for the summer holidays had impacted its earnings. For the second quarter, with softer pricing despite high demand, air fares are expected to be “materially lower” than last year with previous estimations anticipating a flat comparison. Revenue per passenger fell approximately 10% with average fares down 15%. Its total revenue in the quarter was