RYANAIR HAS RECORDED a drop of 29% in its full year profits citing higher fuel costs and declining fares as the reason. 

The airline’s profit after tax was €1.02 billion, down from €1.45 billion in the prior year. 

Revenue overall was up by 6% to €7.56 billion for the 12 month period against the previous year’s revenue of €7.15 billion. 

Following publication of the figures, CEO Michael O’Leary said: “As previously guided, Ryanair (excl. Lauda) reports a full year after tax profit of €1.02 billion.  Short-haul capacity growth and the absence of Easter in quarter four led to a 6% fare decline, which stimulated 7% traffic growth to over 139m. 

“Ancillary sales performed strongly up 19% to €2.4bn, which drove total revenue growth of 6% to €7.6bn.”

The airline has delayed bringing on board a new fleet of Boeing 737 MAX planes which have been banned from airspace in several countries worldwide following two crashes in the past year. 

“We have delayed the delivery of our first 5 B737-MAX aircraft to Winter 2019 – subject to regulatory approval by EASA,” it said in a statement.

“We continue to have utmost confidence in these aircraft which have 4% more seats, are 16% more fuel-efficient and generate 40% lower noise emissions.”