Ryanair has reported a 20 million euro loss for the third quarter of 2018, citing weaker-than-expected air fares among its challenges.
The airline said it flew 32.7 million customers in the quarter, an increase of 8%, and recorded revenue of 1.53 billion euros – up nearly 10%.
However excess winter capacity in Europe saw a 5% decline in average fares, while the airline also had to content with higher costs from fuel, staff and compensation claims.
Ryanair said the loss did not take into account the 46.5 million euro it spent on purchasing the remaining 25% of budget airline Laudamotion.
Chief executive Michael O’Leary said: “While a 20 million euro loss in Q3 was disappointing, we take comfort that this was entirely due to weaker-than-expected air fares so our customers are enjoying record low prices, which is good for current and future traffic growth.
“While ancillary revenues performed strongly, up 26% in Q3, this was offset by higher fuel, staff and EU261 (compensation) costs.”