Irish low-cost carrier Ryanair reported a net profit of 538 million euros for the first quarter of its financial year, which ended in June.
That marked a sharp fall from the same period a year earlier, when the airline posted a profit of 820 million euros.
The 34 percent decline was steeper than analysts had anticipated. According to a compilation of forecasts by Bloomberg, the average estimate had pointed to a net profit of 624 million euros.
Operating income for the quarter climbed to 4.4 billion euros, up from 4.3 billion euros a year earlier, a result that matched market expectations.