Ryanair chief blames Brexit as profits plunge amid rises in fuel and staff costs

Ryanair has reported a 21% fall in profits to 243 million euros (£219 million) in the first quarter of this financial year.

Ryanair profits have dipped by 21 per cent. Picture: AP

The low-cost airline cited lower fares and higher costs for fuel and staff as reasons for the decline during the three months to the end of June.Chief executive Michael O'Leary said: "The two weakest markets were Germany, where Lufthansa was allowed to buy Air Berlin and is selling this excess capacity at below cost prices, and the UK, where Brexit concerns weigh negatively on consumer confidence and spending."

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