Ryanair profits plunge by nearly half amid lower summer fares

Ryanair has said its profits plunged by almost half between April and June and warned that fares this summer would be “materially lower” than last year.

Europe’s largest airline reported profits of €360m (£303m) in the spring quarter, 46% lower than the same period last year, despite passenger numbers rising 10% to 55.5 million.

The downbeat results, which missed analysts’ estimates, drove the budget carrier’s share price down 12.5% in early trading on Monday.

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