Ryanair set to slash summer fares after profits slide

Ryanair says it expects summer fares will be much lower than last year after profits at the no-frills airline fell by almost 50 per cent.

The company said frugal passengers were cutting back while the timing of Easter holidays had also hit earnings, with profit before tax slumping 46 per cent to €401 million in the three months to June 30 when compared with a year ago.

Average passenger fares fell by 15 per cent in the period, and the carrier said it would have to offer more discounts in the coming months.