Ryanair’s profit collapsed by 93% in the quarter – Kommersant
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Irish low-cost airline Ryanair finished the third quarter of the 2024 financial year (ended December 31, 2023) with a profit after tax of €15 million. This is 93% less than the same period of the previous year. Then the company’s profit amounted to €211 million.
The company carried 41.4 million passengers during the quarter, up 7% from the third quarter of fiscal 2023, the company said in its report. Revenue per passenger increased by 9%, and the average ticket was €42, an increase of 13%. All this allowed Ryanair to significantly increase revenue – from €2.31 billion to €2.7 billion.
However, the carrier’s operating costs increased even more, which led to a drop in profits. In general, expenses increased by 26% – to €2.7 billion. This is primarily due to the rise in fuel prices (expenses for it increased by 35%), as well as increased payments to staff.
Finally, the airline adjusted its own forecast for the entire fiscal year downward. If previously Ryanair expected to make a profit for the year in the range from €1.85 billion to €2.05 billion, now the upper limit of the expected profit is €1.95 billion.
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