By: Jon Corrigan
Planning a trip to Europe and want to fly cheap? Budget airline Ryanair, amid record profits and passenger numbers, is expected to drop ticket fares by 7% this year.
The Dublin-based airline saw net profit gains of 43% last year (US $1.4 billion) and percentage of seats sold rose to 93%.
Ryanair Chief Executive Michael O’Leary says ticket prices will decrease 6% this summer and even more in the winter. The reason? O’Leary cites increased competition and well-hedged fuel costs.
“If there is a fare war in Europe, then Ryanair will be the winner,” O’Leary said. “If other airlines want to compete with us on price, then we will lower our prices again.”