(Alliance News) - Ryanair Holdings PLC said on Monday that its first quarter operating revenue rose year-on-year, but its pretax profit fell due to increased costs.
In the period ended June 30, the Irish budget airline posted a pretax profit of EUR262.3 million, down 24% from GBP345.4 million. Its total operating revenue rose 11% year-on-year to EUR2.31 billion from EUR2.08 billion however.
Fuel and oil costs, its largest, rose to EUR784.0 million from EUR631.0 million from the same period last year with staff costs airport handling charges and maintenance fees also increasing.
Ryanair has continued to guide broadly flat full year pretax profit between EUR750.0 million and EUR950.0 million.
The company also said that it has delayed the delivery of its first five Boeing 737-MAX aircraft to January, it was initially scheduled to be delivered during the first quarter.
Ryanair anticipates the current weak fare environment during the first quarter to continue to the second quarter, causing its first half fares to be down 6%, it said.
The company said it nominated Louise Phelan to take over as senior independent director next summer following Kyran McLaughlin's retirement from the board.
