Average fares fell 3% to €39.40, which the airline said stimulated 9% traffic growth to more than 130 million passengers, with Germany, Italy and Spain the three largest growth markets. Load factor was 95%.
Chief executive Michael O’Leary said: “We are pleased to report a 10% increase in profits, with an unchanged net margin of 20%, despite a 3% cut in air fares, during a year of overcapacity in Europe, leading to a weaker fare environment, rising fuel prices, and the recovery from our September 2017 rostering management failure.”
The airline said it expected above average EU capacity growth to continue into 2019, “which will have a downward effect on fares”.
