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Low-cost airline Ryanair's profits slump for first time in five years

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Low-cost airline Ryanair's profits slump for first time in five years

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European low-cost airline Ryanair’s profits have taken a dive for the first time in five years.

The Irish firm earned 523 million euros after tax in the year to March. That was a fall of 8 percent on the previous year.

Ryanair issued its first profit warnings last year.

But the result was better than the firm itself had forecast. It had predicted its after-tax profit for last year would be between 500 and 520 million euros.

Ryanair CEO Michael O’Leary said: “While disappointing that profits fell 8 percent… we reacted quickly to this weaker environment last September by lowering fares and improving our customer experience.”