Ryanair, Europe’s biggest airline, says airfares will be ‘materially lower’ this summer
CNN
Ryanair said Monday that it expects airfares during the busy summer travel season to be “materially lower” than last year as the low-cost carrier reported a plunge in profits.
Ryanair said Monday that it expects airfares during the busy summer travel season to be “materially lower” than last year as the low-cost carrier reported a plunge in profits. Europe’s biggest airline by passenger numbers, comparable in size to Delta Air Lines in the United States, said its average fare fell nearly 15% in the April-to-June quarter from the same period in 2023, to €41.93 ($45.65) from €49.07 ($53.42). Ryanair (RYAAY) attributed that dip in the first quarter of its financial year, in part, to the timing of the Easter break this year, some of which fell over March. “While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer,” Ryanair’s chief executive Michael O’Leary said in a statement, referring to the crucial July-September period. The airline previously thought fares would be “flat to modestly up,” he added. In a call with investors Monday, Neil Sorahan, the airline’s chief financial officer, said there was “a bit of push back” on fares from consumers, who were spending more cautiously, according to a Reuters report. Ryanair reported a 46% fall in profits in the first quarter of the year, to €360 million ($392 million), despite a 10% rise in the number of passengers.
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