Ryanair reports 21% profit drop

Ryanair has reported a 21% drop in quarterly profit as it lowered its fares in a bid to drive up passenger numbers. The drop in fares is a direct result of a price war taking place among several airlines in Europe. The airline reported a quarterly profit of €243 million (£219 million) for the three months to the end of June, as the average ticket price fell 6%. The airline said: “Average summer fares at Europe’s largest low-cost carrier will likely fall by 6% compared to last year, as airlines cut prices to stimulate demand, particularly in Germany and the