Low-cost airline Ryanair's profits slump for first time in five years
- 10 years ago
European low-cost airline Ryanair’s profits have taken a dive for the first time in five years.
The Irish firm earned 523 million euros after tax in the year to March. That was a fall of 8 percent on the previous year.
Ryanair issued its first profit warnings last year.
But the result was better than the firm itself had forecast. It had predicted its after-tax profit for last year would be between 500 and 520 million euros.
Ryanair CEO Michael O’Leary said: “While disappointing that profits fell 8 percent…we reacted quickly to this weaker environment last September by lowering fares and improving our customer experience.”
The Irish firm earned 523 million euros after tax in the year to March. That was a fall of 8 percent on the previous year.
Ryanair issued its first profit warnings last year.
But the result was better than the firm itself had forecast. It had predicted its after-tax profit for last year would be between 500 and 520 million euros.
Ryanair CEO Michael O’Leary said: “While disappointing that profits fell 8 percent…we reacted quickly to this weaker environment last September by lowering fares and improving our customer experience.”