European budget airline Ryanair has seen its half-year profit tumble by 18 per cent year-on-year to €1.79 billion due to lower airfares during the peak summer season.
The Ireland-based carrier saw its average fare fall by 7 per cent year-on-year to €61 during the quarter between July and September. This followed a 15 per cent fall in fares in the quarter between April and June, which was partially impacted by the earlier Easter holidays this year.
Ryanair Group CEO Michael O’Leary said there had been “more price stimulation than originally expected” this summer, due to pressures on consumer spending and a drop in bookings from online travel agencies.
Despite the reduction in average fares, Ryanair increased revenue by 3 per…