Ryanair swings to net loss in FQ3

|About: Ryanair Holdings PLC (RYAAY)|By:, SA News Editor

Ryanair's (RYAAY) swung to an FQ3 net loss of €35M ($47M) from a profit of €18.1M a year earlier.

Revenue was flat at €964.4M.

Passenger numbers +6%.

The loss was "entirely due" to a 9% drop in average fares and the weaker pound, Ryanair said.

"We reacted quickly to last autumn's weakness with a range of lower fares, seat promotions, and recently increased advertising and marketing spending," the company said. "As a result, forward bookings in the fourth quarter and into FY15 are running significantly ahead of last year, albeit at weaker yields."

The airline affirmed its FY profit forecast at €500-520M. (PR)