Ryanair set to slash summer fares as profits drop

Ryanair has said that summer wages will be lower than last year when the company's profits fell by almost 50%. 

 The airline said passenger numbers fell "smaller" during the Easter break and was profitable, with profits down 46% to €401m (£338m) in the three months to June 30 from a year earlier. compared to him. Average fares on the 

  fell by 15% during the period, and the carrier said it would offer further discounts in the coming months. 

 "Prices are lower now than they were last year, prices ... are getting worse," CEO Michael O'Leary said in a presentation announcing his latest results.

Shares in Ryanair and other airlines fell sharply as experts questioned whether a larger segment would be affected by cuts in consumer spending during the peak summer travel season. . Ryanair's 

 standard fare was €41.93 in June, compared to €49.07 a year ago. 

 CFO Neil Sorahan said he believes consumers should be careful with their money. 

 He added that after two years of growth in demand, "there are some pauses". 

 The last quarter recorded 

 Despite the increase in profits, the number of Ryanair passengers increased, therefore, the gross income decreased to 1%. 

 However, the weak results may indicate that the number of flights affected by the epidemic is coming to an end, and other carriers have recently warned about the cost of flights . . 

 Consumers are waiting longer than usual to book their summer vacations, which may be partially due to the continuing impact of problems in everyday life. 

 In early July, Jet2 said it expected only "very low" fare increases this summer and limited late departures to European destinations. 

 Lufthansa pointed to a "poor marketing strategy", while Air France-KLM warned of a financial crisis after insufficient flights to Paris for the upcoming Olympics.

Ryanair fell 17% on Monday, while other airlines including EasyJet and Wizz Air fell. Dan Coatsworth, a financial analyst at AJ Bell, said 

 airlines, including Ryanair, were struggling with the restoration of flight control which had led to delays and cancellations. "The latest was the global IT outage last week, which affected the number of flights worldwide," he added. 

 "Whenever people read about delays and cancellations, it's likely that some of the last-minute bookers aren't worried. They think it's too much trouble to get just one. vacation." 

 Mr. Plans to expand the  

  have been stymied by new plane delays while Boeing's manufacturing and quality control systems are under review. 

 In January, Boeing ran into trouble when a door on one of its planes exploded shortly after takeoff, forcing the plane to crash. is still awaiting an investigation and a lawsuit over what happened on an Alaska Airlines flight in January.