Ryanair has reported a sharp reduction in tariffs

The low-cost airline managed to increase profit by 55%.

Irish budget airline Ryanair reported a growth in quarterly net profit, warned of a sharp reduction in tariffs.

So, growth in quarterly profits of the company amounted to 55% on the background of the rise in average prices by 1% in annual terms in connection with a later than last year, Easter.

Ryanair has already warned rivals that in the coming months may reduce tariffs to 9% in annual terms.

“It’s a competitive market. Rates may be reduced to 7, 8, maybe even 9%,” said Ryanair Finance Director Neil Sorahan.

He added that the decline in rates in annual terms is likely to amount to an average of 8% for the six months ending March 31, 2018.

Profit after tax for the three months ended in June amounted to 397 million euros, while analysts on average were expecting the figure of 366 million euros.

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