Ryanair Holdings plc (ADR)(NASDAQ:RYAAY) revealed in a statement that its average fares plunged quicker than “initially planned” in the last quarter of last year, while profits at the carrier also dropped.

According to the figures, Ryanair Holdings plc (ADR)(NASDAQ:RYAAY) Average fares came down 17%, and profits slipped 8% to 95m euros as the dip in the UK currency also hurt its results.

Still Ryanair’s number of passengers in the quarter rose 16% to 29 million, and its planes flew at 95% capacity.

Meanwhile Ryanair said it was cautious about the rest of the fiscal year, but profits would still top outlooks.

The company’s average fares were 33 euros per passenger in the October-to-December period, the third quarter of its financial year.

The company said it was enhancing capacity and adding new routes and bases at a time when other air-carriers were also adding capacity, and “accordingly the price environment remains weak”.

Furthermore air-carrier said that vagueness following the Brexit vote, fragile sterling and the switch of charter capacity from Turkey, Egypt and North Africa into Spain and Portugal, would “continue to put downward pressure on pricing for the remainder of this year” and next.

The company anticipates yields, or average fare per passenger per mile, in the fourth quarter to drop by 15%.

However, it said it was “maintaining its full-year profit guidance in the range of 1.30 billion to 1.35 billion euros”.

The company said in a statement, it seemed clear that “pricing will continue to be challenging and we will respond to these adverse market conditions with strong traffic growth and lower unit costs”,

“There’s a huge amount of capacity which has migrated out of North Africa into the likes of Portugal and Spain,” Ryanair Holdings (NASDAQ:RYAAY) chief financial officer Neil Sorahan said in an interview.