Ryanair is reporting a €20 million loss for the third quarter of 2018.
The company is blaming a decline in average fares due to excess winter capacity in Europe.
"While a €20m loss in Q3 was disappointing, we take comfort that this was entirely due to weaker than expected air fares so our customers are enjoying record low prices, which is good for current and future traffic growth," said Michael O’Leary.
While ancillary revenues performed strongly, up 26% in Q3, this was offset by higher fuel, staff and EU261 costs.
Despite this, the airline reports strong traffic growth, that is up 8 per cent during the three months to December.
"Q3 revenue increased 9% to €1.53bn, up 1% per guest, due to a strong performance in ancillary revenue and increased traffic stimulated by a 6% decline in average fares to under €30 due to excess short-haul capacity in Europe."
