Ryanair profits fall after anti-competition fine
Summary
Ryanair reported a significant drop in its quarterly profits, partly due to a large fine from Italy's competition authority. The airline was fined for allegedly blocking travel agencies' access to its services. Despite the drop in profits, Ryanair expects both passenger numbers and ticket prices to increase this year.Key Facts
- Ryanair's quarterly profits fell to €30 million from €149 million a year earlier.
- The drop in profits is linked to a €256 million fine from Italy's competition regulator.
- The fine was for allegedly blocking travel agencies from accessing Ryanair flights.
- Ryanair has appealed the fine, claiming it is baseless.
- The airline expects passenger numbers to grow by 4% this year.
- Ryanair predicts ticket prices will rise by 8% to 9%.
- CEO Michael O'Leary mentioned potential full-year net profits of up to €2.23 billion.
- Ryanair recently decided to stop using printed boarding passes, moving to a digital-only system.
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