Ryanair cuts airline profit guidance
Budget carrier Ryanair has adjusted down its full year profit projection.
Surging fuel costs are up more than one third and revenues are being hit after online travel agent websites removed its fares.
The third quarter profit was just €15 million compared to more than €200 million a year ago.
This came despite a boost in passenger numbers to 41 million.
It narrowed its full-year airline profit guidance and has started cutting airfares.
“While traffic and fares were ahead of prior year, close-in Christmas and New Year yields were softer. Ryanair lowered prices in response to the removal of flights from OTA websites,” the airline said.
Load factors fell slightly to 92% in the third quarter.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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