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Ryanair sees modest growth in April-June profit

Xinhua, July 26, 2016 Adjust font size:

Ryanair, Europe's leading low-cost airline, said on Monday it has registered a year-on-year increase of 4 percent in profits to 256 million euros (281.30 million U.S. dollars) from April to June.

The Irish budget airline also said its traffic grew 11 percent to 31 million trips during the period while average fare fell 10 percent to 39.92 euros, offset by a 9 percent reduction in unit costs.

Ryanair CEO Michael O'Leary said the "modest 4 percent increase" in the quarterly profit was in line with previous guidance.

He said Ryanair has maintained its profit guidance of between 1.375 billion euros and 1.425 billion euros for the full year.

But he warned there were significant risks to the downside during the remainder of the year after Britain's decision to leave the European Union.

In another development, Ryanair on Monday launched a massive two-day seat sale with up to 30 percent off the original price for more than 250,000 seats across its European network in October and November 2016.

These seat sale fares are available for booking now until midnight Tuesday and can only be found on the Ryanair.com website, it said. Endit