Ryanair, Europe's biggest airline, says airfares will be ‘materially lower' this summer

Ryanair expects airfares during the summer travel season to be “materially lower” than last year, as the low-cost carrier reported a significant drop in profits. The airline attributed the decline in profits to lower average fares in the April-to-June quarter compared to the same period last year. Ryanair’s CEO stated that pricing remains softer than expected, and Q2 fares are now expected to be lower than last summer. The airline reported a 46% decrease in profits in the first quarter of the year, despite an increase in passenger numbers. Ryanair’s passenger numbers for the financial year are projected to grow to around 200 million.