Ryanair reported a loss of 19.6 million euros for the third quarter of 2018, referring to weaker than expected flight rates among the challenges, and down from profits of 105.6 million at the same time last year.
The airline said it flew 32.7 million customers in the quarter, an increase of 8%, and revenue of € 1.53 billion – up nearly 10%.
However, excess winter capacity in Europe decreased by 6% in average prices, while the airline also had to meet higher fuel, staff and compensation costs.
Ryanair said the loss did not account for € 46.5m it spent on buying the remaining 25% of the budget airline Laudamotion.
"While a loss of 20 million euros in the third quarter was disappointing, we assumed that this was entirely due to weaker than expected flight prices, so our customers enjoy record low prices, which is good for current and future traffic growth "Ryanair CEO Michael O & # 39; Leary.
" While additional revenues have been strong, 26% increased In Q3, this was offset by higher fuel, staff and EU261
Shares in the airline were lower in Dublin trading this morning.
In the performance reporting, Ryanair said that "Michael O & # 39; Leary has agreed a new five-year CEO's contract."
"His agreement to commit to a five-year period is welcome and will provide security to our shareholders and provide him opportunity to lead the individual CEOs of Ryanair, Laudamotion and Ryanair Sun, "Ryanair said.
Meanwhile, the air line said that chairman David Bonderman has agreed to stay for one year until summer 2020, but will not be considered for re-election at the company's general meeting in September 2020.
It said that in order to ensure a steady success, Stan McCarthy, who joined the Ryanair Board in May 2017, will take the position of Deputy Chairman of April and will move to chairman summer 2020.
"Stan will bring his enormous international experience (as former CEO of Kerry Group) and leadership skills for the development of Ryanair Holdings in the coming years, although a legend like David Bonderman will be a very difficult act to follow, says Ryanair.