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Michael O'Leary - Chief Executive Officer, Executive Director, Member of Nomination Committee, Member of Executive Committee, Chief Executive Officer of Ryanair Limited and Director of Ryanair Limited
Howard Millar - Chief Financial Officer and Deputy Chief Executive
Mark Manduca - BofA Merrill Lynch, Research Division
Stephen Furlong - Davy, Research Division
James D. Parker - Raymond James & Associates, Inc., Research Division
Gerard Moore - Merrion Stockbrokers Ltd., Research Division
Peter Hyde - Liberum Capital Limited, Research Division
Geof Collyer - Deutsche Bank AG, Research Division
Tim Marshall - Redburn Partners LLP, Research Division
Good day, and welcome to the Ryanair Q1 Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Michael O'Leary. Please go ahead, sir.
Okay. Good afternoon, ladies and gentlemen. Thank you for participating in the Ryanair Q1 Conference Call. As it's the Q1 numbers, I'm going to run through it very quickly, and I'm going to spare you all and you'll be pleased to know how we're reading the MD&A. The results release, the MD&A and the investor presentations is on the website, www.ryanair.com. Please feel free to have a look at it and download it as you wish.
So just to summarize today, we announced our Q1 results as we had previously guided at the full year results. The earnings were down 29% to EUR 99 million. Overall, revenues increased 11% as traffic grew 6% and average fares rose by 4%. This led positively [ph] because of unit cost increase of 10%, which is mainly due to a substantial fuel cost increase of over EUR 170 million but Q1 profits declined by EUR 40 million.