LONDON: Irish budget airline Ryanair reported falling net profit for the second quarter on Monday following a drop in ticket prices.

Chief executive Michael O’Leary warned that Ryanair’s full-year results “will be subject to avoiding adverse developments”, citing risks from conflicts in Ukraine and the Middle East and delays in deliveries of Boeing aircraft.

The company posted an after-tax profit of 1.4 billion euros ($1.6 billion) for the second quarter, a six-percent drop from the same period last year.

For the first six months of the fiscal year, its net profit was down 18 percent to 1.8 billion euros.

Strong growth in passenger traffic in the first half of the year “was offset by lower air fares” which fell seven percent in the second quarter, the company said.

Delays in Boeing deliveries had weighed on Ryanair results and traffic last year.

“While we continue to work with Boeing leadership to accelerate aircraft deliveries … the risk of further delivery delays remains high,” O’Leary said.

“We believe it is therefore sensible to moderate” Ryanair’s traffic growth target for fiscal year 2026 to 210 million passengers, down from 215 million previously, he added.