Ryanair today said its load factor - the proportion of seats filled on an average flight - fell by 4 per cent or from 83 per cent to 79 per cent in the year to April.
But the airline said it carried 4.72 million passengers in April, 15 per cent more than a year earlier on the back of an expanded network of routes.
European airlines are “not doing enough” to deal with the rising cost of fuel, the biggest challenge to the industry, Deutsche Bank AG said as it cut its recommendations on Ryanair Holdings and on EasyJet.
“Until airlines take the downturn seriously - by raising prices and cutting costs -- the sector is likely to continue to trade well below book value,'' Deutsche Bank analysts said in a note to clients today.
European airlines have been contending with higher fuel prices amid slowing economies and a global tightening of credit provoked by the subprime mortgage crisis in the US.