Ryanair third quarter profit down 8%

Ryanair reported that third quarter profits fell 8% to €95m, as average fares fell by 17% to just €33 per passenger, while traffic grew 16% to 29m customers. Third quarter unit costs were cut by 12% (ex-fuel unit costs were down 6%). Outlook for the remainder of FY17 is cautious. Ryanair expects fourth quarter yields to decline by as much as -15%. The airline expects to carry over 119m customers in FY17, and full year ex-fuel unit costs to fall by approx. 4%. Ryanair is maintaining its full year profit guidance in a range of €1.30bn to €1.35bn.