Oct 22, 2018

Strikes send Ryanair profits sliding

Ryanair has blamed strikes by pilots and cabin crew for a slide in half-year profits over the summer, but maintained its forecasts for the full year. The airline reported a 7% fall in profits to €1.2bn for the six months to 30 September. Traffic rose 6% and its planes were 96% full. Average fares slipped 3% to €46, but ancillary revenues - such as luggage and seat reservation fees - jumped 27% to €1.3bn. Earlier this month, Ryanair warned that profits for the full year would be 12% lower than previously forecast at between €1.1bn and €1.2bn. It posted a record €1.45bn profit after tax for the year to 31 March. He said the airline's cost advantage over rivals was widening and that "Consolidation will create growth opportunities for Ryanair's lowest fare/lowest cost model".

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