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Ryanair Q1 Profit Falls; Backs FY Profit View - Quick Facts

Ryanair Holdings plc (RYA.L,RYAAY) reported that its first-quarter profit attributable to equity holders of parent fell 21% to 242.9 million euros from the prior year's 309.2 million euros due to lower fares, higher fuel and staff costs. Earnings per share were 0.2136 euros, down from 0.2637 euros in the prior year.

But, revenues rose 11% to 2.31 billion euros from last year. A 6% decline in average fare to 36 euros stimulated 11% traffic growth to 42 million guests.

Ryanair said, "The delivery of first 5 B737-MAX aircraft has been delayed from Q1 to probably January at the earliest. We now expect to receive only 30 MAX deliveries in time for S.20 (previously 58) which will cut Ryanair's S.20 growth rate from 7% to 3% (162m to approx. 157m guests in FY21)."

Ryanair said it continues to guide broadly flat fiscal year 2020 profit after tax in a range of 750 million euros to 950 million euros. The current weak fare environment has continued into the second-quarter and it expects the first-half fares to be down about 6%.

The company expects traffic to grow by 7% to over 152 million slightly less than the 153 million previously guided due to the Boeing MAX delivery delays.

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