Irish budget airline Ryanair reported falling net profit for the second quarter on Monday and revised down its passenger growth target following delays in deliveries of Boeing aircraft.
Chief executive Michael O’Leary warned that Ryanair’s full-year results “will be subject to avoiding adverse developments”, citing risks from conflicts in Ukraine and the Middle East, staffing issues from air traffic control and further Boeing delivery delays.
The company posted an after-tax profit of 1.4 billion euros ($1.6 billion) for the second quarter, a six-percent drop from the same period last year.
For the first six months of the fiscal year, its net profit was down 18 percent to 1.8 billion euros.
Strong growth in passenger traffic in the first half of the year “was offset by lower air fares” which fell seven percent in the second quarter, the company said.
The low-cost airline attributed declining prices partly on “higher-for-longer interest rates” …