Ryanair slashes summer fares as profits slide

Ryanair has said it is cutting its summer fares after profits at the no-frills airline fell by almost 50%. The company said cost-conscious passengers were cutting back while the timing of Easter holidays had also hit profits before tax, which slumped to €401m in the three months to 30 June when compared with a year ago. Shares in Ryanair and other airlines fell sharply as experts questioned whether the wider sector would be affected by customer budgets being squeezed during the peak summer travel period. Ryanair said it now expected fares between July and September to be "Materially lower" than last year, rather than "Flat to modestly up" as it previously expected. The typical Ryanair fare in June stood at €41.93 in June, down from €49.07 the year before. Ryanair said on Monday that its performance over the rest of the summer is "Totally dependent" on more last-minute bookings and those in August and September in particular.

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