Lower fares lead to dip in profits for Ryanair
Ryanair’s third-quarter profits have fallen 8% to €95 million.
Average fares fell by 17% in the three months to the end of December 2016, to €33 per passenger, while traffic grew 16% to 29m customers.
Load factors rose 2% to 95%, a third-quarter record.
Chief executive 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.
"Ryanair responded to this weaker environment by continuing to improve our Always Getting Better (AGB) customer experience, cutting costs, and stimulating demand through lower fares which has seen load factors jump to record levels."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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