Ryanair shares tumble 11% as budget airline reports 46% fall in quarterly profit, sees lower fares

At 8:35 a.m. London time, Ryanair shares were down by 11.4%. Ryanair cited weaker-than-anticipated fares and the Easter season falling into the previous quarter as reasons for the drop in profit. In a statement, Ryanair Group CEO Michael O'Leary said fares were also now expected to be lower than expected over the next three months. This is a developing story. Please refresh for updates. The budget airline said that profit after tax in the three months to the end of June — Ryanair's first quarter — came in a ...