Profits at Ryanair nosedive 20% due to lower fares, higher wages for pilots and rising oil prices
Profits at Ryanair have nosedived 20 per cent due to lower fares, higher wages for pilots and rising oil prices.
Pre-tax profits for the three months to June 30 slumped to £285m from £354m. The budget airline said full-year profit forecasts remain between £1.12bn and £1.21bn but warned this was ‘heavily dependent’ on fares this quarter.
Down: The World Cup is expected to have caused average fares to drop this summer
The World Cup is expected to have caused average fares to drop this summer, while the heatwave has seen many potential passengers stay at home.
Ryanair also said it had been hit by air traffic control strikes and staff shortages in Europe, causing 2,500 flight cancellations.
Its Dublin-listed shares closed down 6 per cent yesterday.