Ryanair Annual Profit Drops 16% As Fares Fall

Ryanair attributed lower fares to a range of factors, including tighter consumer budgets (Credit: AFP)

Irish no-frills carrier Ryanair on Monday said net profit fell 16 percent in its financial year as it cut ticket prices to boost passenger numbers.

Profit after tax slid to 1.61 billion euros ($1.8 billion) in the 12 months to the end of March for the airline that flies mostly across Europe, Ryanair said in an earnings statement.