Ryanair posted a slightly weaker-than-expected 6 per cent rise in third-quarter net profit today.
Profit after tax in the three months to the end of December rose to €36.8 million from an adjusted €34.8 million a year earlier - but was just shy of the €37.9 million median forecast of a poll of 10 analysts.
Forecasts for the company's profit for the period had ranged from €28.3 million to €49 million.
"These look to be solid results in a tough environment," said John Sheehan, analyst at NCB stockbrokers in Dublin. "On the outlook, they are still unhedged on fuel after March though and they're holding guidance steady."
Shares in Ryanair were 3.4 per cent weaker at €7.46 in Dublin by 8.27am versus a Dublin market down 0.45 per cent, and the stock was down 3 per cent at €7.485 in London where much of the early trade was taking place.
Ryanair, which makes most of its profits in the spring and summer, said it remained on track to meet its target for an increase in adjusted net profit for the year to the end of March of 10 per cent to €295 million.
The company, which had already forecast that yields, or average ticket prices, would fall 5 to 10 per cent in the traditionally quiet January to March period, said that it now saw the fall towards the middle of that range.
On fuel costs, the company, which has 90 per cent of its fuel requirements covered until March at a price of $49 a barrel, said it did not see prices falling back to levels where it would start hedging again any time soon.