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Ryanair reports 20 million euro loss in third quarter

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Ryanair reports 20 million euro loss in third quarter

Ryanair reports 20 million euro loss in third quarter

Ryanair reported on Monday a 20 million euro ($22.88 million) loss in the third quarter on weaker fares, which it expects to continue throughout the year.

Francesca Lynagh reports.


Ryanair reports 20 million euro loss in third quarter

Budget airline Ryanair reported a 20 million euro loss in the third quarter due to a six percent drop in fares.

That's its first quarterly loss since 2014.

But it didn't come as a surprise.

The weak third-quarter performance was flagged two weeks ago when Ryanair cut its profit forecast for the year for the second time in three months.

The airline announced that its long-standing Chief Executive will commit to a five-year contract - just as it looked as though he might step away from the business.

O'Leary will lead a new group structure overseeing the firm's four airline subsidiaries - a similar structure to that of British Airways owner IAG.

The airline has reiterated it won't rule out a further downgrade, noting possible uncertainty from Brexit.

Profit for 2018-2019 could be down by as much as 31 percent.

Ryanair blames that on strikes last summer, higher oil prices and short-haul overcapacity in Europe.

Shares in the company - down over 40 percent from a peak 18 months ago - were trading 4.6 percent lower on the results.

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