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Ryanair profit slumps 21% as overcapacity drives fares down

Credit: Reuters Studio
Published on July 29, 2019 - Duration: 00:59s

Ryanair profit slumps 21% as overcapacity drives fares down

Ryanair reported a 21% drop in quarterly profit on Monday as overcapacity and a price war in Germany drove ticket prices lower, but the airline kept its profit target for the year unchanged.

Ciara Lee reports.

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Ryanair profit slumps 21% as overcapacity drives fares down

Shares in Ryanair have almost halved in value over the past two years And the bumpy ride continues.

Europe's largest low cost carrier reported a 21 percent drop in quarterly profit on Monday (July 29) as overcapacity and a price war in Germany drove ticket prices lower.

The airline is also dealing with uncertain times surrounding Britain's plans to leave the EU, as well as delays in the delivery of new Boeing 737 MAX jets.

They've been grounded since March following two fatal crashes.

In recent weeks Ryanair has been also been hit with the threat of strike action by pilots in the UK and Ireland and cabin crew in Portugal.

The Dublin-based airline reported a profit after tax of 243 million euros, down 21% from a year earlier.

Ryanair said its fares in the three months to the end of June declined 6% from a year earlier But the airline has kept its profit target for the year unchanged.

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