Ryanair shares tumble 11% as budget airline reports 46% fall in quarterly profit, sees lower fares

Ryanair shares fell on Monday after the company reported a 46% decline in quarterly profit after tax for the three months ending in June. The drop was attributed to weaker-than-expected fares and the timing of the Easter season. The budget airline anticipates lower fares in the upcoming months. Despite a 10% increase in passenger traffic during the quarter, the company’s profit dropped significantly. Ryanair Group CEO, Michael O’Leary, expressed expectations for lower fares in the next three months due to softer pricing.