Ryanair profits plummet 21% despite low fares push

It operates more flights from Malta’s airport than any other airline.

But it seems it’s been a tough few months for Ryanair.

The budget carrier has reported a 21 per cent fall in profits to €242 million in the first quarter of this financial year.

Bosses blamed lower fares and higher costs for fuel and staff as reasons for the decline during the three months to the end of June.

The airline said its average fares fell 6 per cent  year on year during the quarter and cheap fare offers would continue across the summer season.

Mr O’Leary added that passenger numbers are expected to grow by 7 per cent to more than 152 million by March 2020.

Last month, Ryanair announced it would create 300 new jobs in Malta by opening a Malta-based subsidiary airline with a fully-fledged engineering department.

It will start operating with six aircraft under the brand name Malta Air.

The Irish airline plans to add around 60 planes to Malta’s aircraft register in a $1 billion investment.

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