Budget airline Ryanair has reported €20m third quarter loss, chief executive, Michael O’Leary said, this was “due to weaker-than-expected air fares.”

Ryanair flew 32.7m passengers in the quarter, an increase of 8%, while revenue flew to €1.53bn, a 10% increase, the loss did not consider the €46.5m the airline spent buying Austrian airline, Laudamotion.

O’Leary said, “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.

“While ancillary revenues performed strongly, up 26% in Q3, this was offset by higher fuel, staff and EU261 (compensation) costs.”

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