Ryanair Holdings said it posted first-quarter net profits that fell short of estimates, adding that it had limited visibility for the second quarter and almost no visibility for the second half.
The Irish low-cost airline pointed out that Easter bookings and fares were affected by the war in Ukraine and because average fares for the period fell 4% compared to the corresponding quarter before the coronavirus.
Ryanair said high oil prices would lead to a 20% rise in unspent fuel costs for the rest of the year, and despite clear signs of subdued demand, bookings remained closer to pre-pandemic normal.
Traffic in the three months to June 30 totaled 45.5 million passengers, up from 8.1 million a year ago, the airline said.
Ryanair said net profits came in at €187.5m compared to net losses of €272.6m a year ago.
Net profits were expected at 406.6 million euros.
Revenues were 2.60 billion euros compared to 370.5 million euros a year ago.
Forecasts were for 2.54 billion euros.
Source: Capital
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