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Ryanair said it expected fares to be much lower this summer than last year as profits fell by almost 50%.
The company said frugal passengers were travelling less and the timing of the Easter holidays had also hit earnings, with pre-tax profits falling 46 per cent to 1.3 per cent. €In the three months to June 30, the figure was 401 million compared with the same period last year.
Average passenger fares fell 15% during the period and the airline said it would offer more discounts in the coming months.
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