DUBLIN (AFP) - Irish low-cost airline Ryanair on Monday reported that its net profit nearly quadrupled in the first half of the year but warned a fall in fares would make for losses in the second half.
"Ryanair?s ability to grow both traffic and profits during the half year is a testament to the strength of Ryanair?s lowest fare model, and our relentless cost discipline," Ryanair chief executive Michael O'Leary said in a statement.
"However these results are heavily distorted by a 42 percent fall in fuel costs, which has masked a significant 17 percent decline in average fares," he said.
"We expect average fares to decline by up to 20 percent during Quarters 3 and 4, which will result in both these quarters being loss making," he added.
