Ryanair’s third-quarter profits have fallen 8% to €95 million.
Average fares fell by 17% in the three months to the end of December 2016, to €33 per passenger, while traffic grew 16% to 29m customers.
Load factors rose 2% to 95%, a third-quarter record.
Chief executive Michael O’Leary said: "As previously guided, our fares this winter have fallen sharply as Ryanair continues to grow traffic and load factors strongly in many European markets.
"These falling yields were exacerbated by the sharp decline in Sterling following the Brexit vote.
"Ryanair responded to this weaker environment by continuing to improve our Always Getting Better (AGB) customer experience, cutting costs, and stimulating demand through lower fares which has seen load factors jump to record levels."
