Irish budget carrier Ryanair profits after tax dropped more than a quarter in the third quarter to €35 million ($52 million).

While the fall was in line with Ryanair guidance and the carrier is sticking to its previous net profit growth estimates for the full year, it has warned profits could fall sharply next year.

For the three months ending 31 December 2007 Ryanair revenues grew 16% to €569 million. Adjusted profits after tax fell 27% in the third quarter to €35 million, excluding a €12 million gain on the disposal of five Boeing 737-800s.

Ryanair CEO Michael O’Leary says: “This net profit of €35 million is a creditable performance in very adverse market conditions. It reflects Ryanair’s 21% traffic growth, a 4% decline in yields, flat unit costs and a strong ancillary sales performance.”

The carrier says it expects average fares to fall around 5

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