Friday, 20 September 2019

Ryanair posts weakest annual profits in four years

DUBLIN: Ryanair posted its weakest annual profit in four years on Monday and said earnings could fall further next year as Europe’s largest low-cost carrier grapples with overcapacity, Brexit and delays in delivery of the Boeing 737 Max.

The airline posted a profit after tax for its financial year to March 31 – excluding startup losses at its Laudamotion unit – of 1.02 billion euros ($1.14 billion), down from 1.45 billion euros in the previous year.

The company had forecast a profit of between 1 billion euros and 1.1 billion euros, and a company poll of over 10 analysts published ahead of the release had forecast 1.03 billion euros.

Profit for the year to March 31, 2020 including Lauda could be between 750 million euros and 950 million euros, it said. Profit including Lauda’s exceptional losses this year was 880 million euros.

Ryanair said its fares for six months to the end of September were lower than last year and expected the trend to continue, although it said it had no visibility for the second half of its financial year.

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