Ryanair’s air fares fell by 6 per cent in the year to March 2019, leading to a slump of 29 per cent in the airline’s profits.
With full-year profits of over €1bn (£880m), Europe’s biggest budget airline remains in far better shape than many of its rivals.
Passenger numbers grew by 7 per cent to 139 million, representing a profit per passenger of £6.33.
Non-fuel costs rose by 5 per cent, largely due to an increase in salaries – particularly for pilots.
In addition, the airline says that disruption caused by air-traffic control staff shortages cost it €50m (£44m).
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The airline says it has delayed the delivery of its first five Boeing 737 Max aircraft to the winter season, which begins at the end of October.
The aircraft was grounded after two fatal crashes cost the lives of 346 people.
The airline said: “We continue to have utmost confidence in these aircraft which have four per cent more seats, are 16 per cent more fuel efficient and generate 40 per cent lower noise emissions.”
