Ryanair: posts quarterly profit drop, maintains guidance
(CercleFinance.com) - Ryanair, Europe's biggest low-cost airline, said that its net profit fell 21% to 243 million euros over the three months to 30 June, although the group maintained its full-year guidelines.
Quarterly revenues rose 11% to 2.3 billion euros, with the 6% decline in the average fare offset by a 11% rise in traffic to 42 million passengers.
The two weakest markets were Germany, where Lufthansa bought Air Berlin, and the UK, where Brexit concerns are weighing on consumer confidence and spending, the airline said.
Citing the current weak fare environment, the company said it still expects to earn between 750 million euros and 950 million euros for the fiscal year ending March 2020, which is "broadly flat" compared to last year's profit.
"The June quarter results were not quite as bad as feared," said analysts at Liberum, who have a "buy" rating on the stock with a 12.50 euro target price.
The London-listed shares of Ryanair are currently up 2.4% at 10.2 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Quarterly revenues rose 11% to 2.3 billion euros, with the 6% decline in the average fare offset by a 11% rise in traffic to 42 million passengers.
The two weakest markets were Germany, where Lufthansa bought Air Berlin, and the UK, where Brexit concerns are weighing on consumer confidence and spending, the airline said.
Citing the current weak fare environment, the company said it still expects to earn between 750 million euros and 950 million euros for the fiscal year ending March 2020, which is "broadly flat" compared to last year's profit.
"The June quarter results were not quite as bad as feared," said analysts at Liberum, who have a "buy" rating on the stock with a 12.50 euro target price.
The London-listed shares of Ryanair are currently up 2.4% at 10.2 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.