Ryanair reports falling quarterly profit and rising revenue

The company’s profit decline is partly due to the fact that it has taken a significant 85 million euro provision to cover about a third of an Italian fine. Ryanair has described the 256 million euro fine as “unjustified” and is confident that it will be overturned. Italy’s competition watchdog says Ryanair abused its dominant position to block travel agents from accessing its services.

Profit after tax excluding one-off items fell 22 percent to 115.4 million euros from 148.6 million euros.

Ryanair reported that passenger numbers rose 6 percent to 47.5 million in the quarter compared to a year earlier. from 44.9 million. Seat occupancy remained at 92 percent and the average fare rose by 4 percent, from 43 euros to 44 euros.

Ryanair has revised up its passenger traffic forecast for the current financial year ending at the end of March. The new forecast sees passenger traffic growing by 4 percent to 208 million, up from the previous estimate of 207 million.