Ryanair Holdings plc reported a Q1 profit of €360m, which is down by nearly a half on last year.
However, passenger numbers fared well at 55.5m customers, up 10%.
This was offset by half of Easter falling into PYQ4.
Q1 scheduled revenue fell 6% to €2.33bn.
Fares were lower overall by 15%, in part to the absence of the first half of Easter which fell in March, and more price stimulation than expected.
Ancillary sales were up 10% to €1.30bn.
As a result, total revenue declined 1% to €3.63bn.
Operating costs increased 11% to €3.26bn, marginally ahead of traffic growth.
Ryanair had €4.49bn gross cash liquidity at the quarter end, while net cash increased to €1.74bn.
Looking ahead, FY25 traffic is expected to grow 8% (198m to 200m passengers), as long as the Boeing delivery delays do not deteriorate further.
