Cheaper air fares dented Ryanair profits in the six months to the end of September, but the carrier said it had record passenger growth.
The Irish airline said on Monday that profits fell 18 per cent in the period to €1.79 billion from €2.18 billion during the same period in 2023.
Ryanair carried a record 115 million passengers over the six months, the first half of its financial year.
Revenue rose 1 per cent to €8.69 billion from €8.58 billion.
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Its average fare slipped 10 per cent to €52 in the first half from €58 during the same period in 2023.
Michael O’Leary, chief executive, blamed the lower fares on higher interest rates, which put pressure on consumer spending, a drop in online travel agent bookings and the timing of Easter.
This “necessitated more price stimulation that originally expected”, he added.
He pointed out that traffic was up 9 per cent despite repeated delays in ordered new aircraft from manufacturer Boeing.
“We continue to target between 198 million and 200 million passengers in full-year 2025, subject to no worsening of current Boeing delivery delays,” he said.
However, he cautioned that those delays, conflicts in Ukraine and the Middle East, and air traffic control short-staffing and restrictions, could affect the final outcome for the full year, which ends on March 31st.
“As is normal at this time of year we have almost zero quarter four visibility,” Mr O’Leary said. Consequently the airline is not giving guidance for its full-year profit.
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