Ryanair Reports 18% Drop in After-Tax Profit

Ryanair reported an 18% drop in after-tax profits for the first half of its fiscal year, totaling €1.79 billion, due to a 10% decline in average fares during its key summer season. Despite the profit dip, the airline noted strong forward bookings and a moderation in fare decreases, projecting that ticket prices would be only 'modestly lower' in the current quarter. Ryanair's CEO Michael O'Leary cited factors such as higher interest rates and reduced online bookings as contributors to the fare drop. The airline has revised its passenger growth target for the next financial year down to 210 million from 215 million, reflecting potential delivery delays from Boeing. Ryanair shares showed a slight recovery, closing at €18.02 after hitting a low of €13.41 in July, although they remain down 5.5% year-to-date. The airline remains optimistic about demand, but ongoing issues like aircraft delivery delays and geopolitical tensions could impact future performance.