Ryanair April-June profits drop 46pc as average fare falls 15pc to €41.93

Ryanair results for April to June show traffic grew 10pc to 55.5m despite Boeing delivery delays.

Revenue per passenger fell 10pc mainly due to lower average fares, which fell 5pc to €41.93.

Ryanair has 156 B737 Max in its fleet and launched a record summer schedule with over 200 new routes

Ryanair’s balance sheet remains strong with a BBB+ credit rating, €4.49bn gross cash at quarter end, and a €700m share buyback in progress.

The carrier reported a profit after tax of €1.92bn in the year to the end of March this year, up 34pc from the prior year.

Michael O’Leary said: We expect European short-haul capacity to remain constrained for some years as A320 operators work through significant P&W engine repairs, OEMs struggle with delivery backlogs, and airline consolidation continues, including Lufthansa’s recently approved takeover of ITA (Italy), IAG’s delayed takeover of Air Europa (Spain) and the upcoming sale of TAP (Portugal).  These capacity constraints, combined with our significant unit cost advantage, a strong balance sheet, low-cost aircraft orders and industry leading OTP, will underpin a decade of low-fare profitable growth to 300m passengers by FY34.