Ryanair announced that its net profit for the third quarter fell to €30 million after setting aside an €85 million provision related to a fine imposed by the Italian Competition Authority (AGCM), which is still under appeal.
Last year, the Italian Competition Authority fined Ryanair €256 million, accusing the airline of abusing its dominant market position and attempting to prevent travel agencies from purchasing tickets through the company’s website. Ryanair CEO Michael O’Leary said he believes the decision will be overturned on appeal.
Excluding the fine, the airline reported a third-quarter net profit of €115 million. The company also raised its passenger forecast to around 208 million, driven by strong demand and early Boeing deliveries.
