Brexit Isn’t Helping Ryanair’s Profits

Low-cost carrier Ryanair, Europe’s largest airline by passenger numbers, is attributing the Brexit vote to its recent report of an 8 percent drop in quarterly revenue.

Since the vote, the pound has become increasingly weaker, which translates to lower profits.

Ryanair Chief Executive Michael O’Leary said that fares are also falling quicker than planned.

“We continue to grow capacity, new routes and bases, at a time when other EU airlines are also adding capacity, and accordingly the price environment remains weak,” O’Leary said.

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