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Ryanair says fares will drop 7% this year because of more competition

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Ryanair fares are expected to fall by 7% this year amid record profits and passenger numbers for the European budget carrier. 

SEE ALSO: Ryanair planes got into a fender bender at Dublin Airport

Monday's results for the year ending March 31 showed the Dublin-based airline strengthening on every frontNet profit before exceptional gains rose 43% to €1.24 billion (US$1.4 billion) and the percentage of seats sold rose 5 points to 93%. 

Total sales rose 16% to €6.54 billion (US$7.3 billion) and the overall number of passengers for the year rose 18% to 106.4 million.

Chief Executive Michael O'Leary says Ryanair expects average fares to fall around 6% this summer and even more in winter amid increased competition and well-hedged fuel costs.  Read more...

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