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Volcano hits Ryanair's profit

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Volcano hits Ryanair's profit

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Irish airline Ryanair says its net profit for the three months up to the end of June fell by almost a quarter because of disruption caused by the Icelandic volcanic ash cloud.

Ryanair lost 50 million euros because 10,000 flights were cancelled in April and May.

But Europe’s biggest low-cost carrier remains optimistic and has not cut its forecast of full-year profit increasing by up to 15 percent.

The airline said it was on track to raise average fares by up to 10 percent this year as it shifts capacity from northern to southern European destinations with longer routes and relatively high summer ticket prices.