Irish low-cost airline Ryanair reported that its net profit almost halved in the first quarter.
Lower prices of plane tickets have countered the surge in demand, reported AFP.
Profit after tax fell 46% to €360m in the three months to the end of June compared with the previous 12 months, Ryanair said in its financial report.
Passenger numbers increased by 10% to 55.5 million, and average airfares fell by 15%, the Dublin-based carrier added.
The airline said it was also affected by the timing of Easter this year. The trend of lower ticket prices continued in the second quarter.
"While demand in the second quarter was strong, pricing remained lower than expected and we now expect ticket prices for the second quarter to be significantly lower than last summer," said chief executive Michael O'Leary.
For the full year, traffic is expected to grow by 8 percent, or to 200 million passengers, as long as Ryanair does not face further delays in deliveries of new Boeing jets. | BGNES
