Profit after tax stood at €30 million (US$36 million) in the three months to the end of December compared with €149 million one year earlier, the Dublin-based carrier said in a statement.

The decline was largely driven by a provision for a more than €255-million fine imposed by the Italian regulator, which said Ryanair abused its dominant position to block travel agencies’ access to its services.

Ryanair confirmed today it has appealed the fine, calling it “baseless”.

Group revenue jumped 9% to €3.21 billion.

Ryanair chief executive Michael O’Leary said full-year net profit could reach as much as €2.23 billion.

“The final… outcome remains exposed to adverse external developments in the fourth quarter,” he noted in the earnings release.

“This includes conflict escalation in Ukraine and the Middle East, macro-economic shocks and any further impact of repeated European ATC strikes and mismanagement,” he said.

O’Leary added that he expected full-year traffic to reach almost 208 million passengers, or annual gain of 4%.