Ryanair’s net profit nearly halved over the first quarter, which the carrier blames on weak fares and the earlier Easter holiday.
The carrier turned in a net profit of €360 million ($372 million) – down by 46% – on slightly lower revenues of €3.63 billion.
Chief executive Michael O’Leary says scheduled revenues fell 6% and the three-month period has involved “more price stimulation” than predicted.
He adds that pricing for the second quarter is also “softer than we expected”, even though demand is strong.
As a result, fares will be “materially lower” than last summer, he says, rather than remaining flat.
Overall performance for the first half will depend on close-in bookings and yields for the remaining summer months, August and September.
Its fleet situation has improved slightly over the past two months, and the airline expects to have over 160 Boeing 737 Max jets by the end of July, up on its previous estimate in May.
O’Leary says the carrier has observed an “improvement in the quality and frequency of deliveries” over the first quarter, and that it is focused on timely deliveries of 50 more aircraft ahead of summer next year.
Ryanair had 156 737 Max aircraft at the end of June, out of a total group fleet of 567 737s and 27 Airbus A320s.
