The group on Tuesday (30 July) posted adjusted pre-tax profits of €754 million, down a quarter from €1 billion this time last year.
Chief financial officer Ulrik Svensson said the group’s earnings were feeling the effects of “tough competition in Europe” and “sizeable overcapacities” in the European short-haul market.
“The price war in Germany and Austria, in particular, [have] had a negative impact on earnings,” he said.
During an earnings call, Svensson added he expected further fierce competition on price with the likes of Ryanair and easyJet for the rest of the year, and potentially into 2020.
