Profits at Europe’s biggest airline are nearly ten times higher than the same time last year as more passengers paid more expensive airfares.
Ryanair‘s profit after tax rose to €149m (£125.36m) in the three months from October to December, up from €15m (£12.62m) the same time a year earlier.
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It is in part due to pricier tickets with customers booking closer to departure time, the low-cost carrier said, despite its forecast fares would fall.
In August Ryanair chief executive Michael O’Leary told Sky News he estimated fares would drop a further 5% coming into winter.
3:31 Michael O’Leary told Sky News in August that fares would reach 2023 levels.Fares had fallen 15% in the first three months of Ryanair’s financial year and 7% in the second.
Bucking the trend, the airline on Monday morning said fares rose 1% in the months running up to Christmas.
More on Ryanair Related Topics: RyanairThose higher fares were attributed to “stronger close-in Christmas/New Year bookings”.
Despite the fact tickets became more expensive, passenger numbers rose 9%, reaching 45 million.
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Tap here to followHowever, the airline has slashed its passenger forecast once again, blaming aircraft delivery delays from Boeing.
Four million fewer people will fly with Ryanair in the 2026 fiscal year due to ordered planes not arriving, the airline said. The figure would still represent a 3% growth in passenger numbers.
It has revised down its anticipated passenger numbers from 210 million to 206 million as “we no longer expect Boeing to deliver sufficient aircraft” ahead of the summer.
Boeing has been beset by delays as it grappled with safety concerns following the mid-flight door blowout early last year.
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The budget airline is Europe’s largest based on the number of aircraft it has and the destinations it serves.