Q1 profit 360 mln euros vs analyst forecast of 538 mln
Average fares down 15 on same time last year
Shares fall 14

DUBLIN, July 22 Reuters Ryanair39;s profits slumped by almost half in the three months to the end of June after ticket prices plunged 15 from the same period last year as consumers balked at paying inflated prices for lastminute flights.

Shares in Ryanair, Europe39;s largest airline by passenger numbers, were down 14 by 1045 GMT as its results fell well short of analyst forecasts and underscored worries about a weakerthanexpected summer for airlines as a prolonged postCOVID travel boom wanes.

Shares of rivals Wizz and easyJet were down around 8. British Airways parent IAG and travel firm Tui were also among the biggest fallers in Europe.

The trend is downwards and weaker, Chief Executive Michael O39;Leary told investors in an analyst call.

It could well be a doubledigit percentage decline in pricing in Q2, he said, referring to the JulySeptember quarter. And at that stage… all bets are off in Q3 and Q4. In May, O39;Leary had forecast fares flat to modestly up for the summer.

Every time in recent weeks that Ryanair removed lowerpriced fares for lastminute tickets, the remaining higherpriced tickets failed to sell and the airline reinstated the lower fares to fill seats, he said.

Aftertax profit for the three months to the end of June, the first quarter of Ryanair39;s financial year, was 360 million euros 392 million, down 46 on the same period…