London CNN —Ryanair said Monday that it expects airfares during the busy summer travel season to be “materially lower” than last year as the low-cost carrier reported a plunge in profits.
Europe’s biggest airline by passenger numbers, comparable in size to Delta Air Lines in the United States, said its average fare fell nearly 15% in the April-to-June quarter from the same period in 2023, to €41.93 ($45.65) from €49.07 ($53.42).
Ryanair (RYAAY) attributed that dip in the first quarter of its financial year, in part, to the timing of the Easter break this year, some of which fell over March.
The airline previously thought fares would be “flat to modestly up,” he added.
Ryanair reported a 46% fall in profits in the first quarter of the year, to €360 million ($392 million), despite a 10% rise in the number of passengers.
Persons:
”, Michael O’Leary, Neil Sorahan
Organizations:
London CNN, Ryanair, Europe’s, Delta Air Lines, “, British Airways, Boeing, Alaska Airlines, Delta
Locations:
United States