Ryanair reported a 21% drop in quarterly profit on Monday as price wars in sever...
) reported a 21% drop in quarterly profit on Monday as price wars in several European markets drove ticket prices lower, but it stuck to its annual profit target as passengers continued to spend on onboard extras.
Ryanair’s shares were up by 1.2% at 0845 GMT, having almost halved in value in two years as the Dublin-based airline grappled with overcapacity, pilot strikes, Britain’s plans to leave the European Union and delays in the delivery of the grounded Boeing 737 MAX.But on Monday it reiterated its profit forecast for the year to March 31, 2020 of between 750 million euros and 950 million euros, saying demand for optional extras like pre-booked seats and on-board refreshments was strong.
In the United Kingdom discounts were required to sell seats due to uncertainty around Brexit, while Germany has seen severe competition on price, he said.
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