Ryanair has reported a 24% fall in profits for the first three months of its financial year because of disruptions caused by the volcanic ash cloud.

Its net profit for the period from March to the end of June was €93.7m, with a cost of €50m for almost 10,000 flights cancelled in April and May.

But excluding these costs, net profit rose by 1% to €138.5m.

Ryanair also maintained its forecast for full-year net profit to rise by between 10% to 15% to between €350m and €375m - excluding the ash cloud charge.

The airline carried 18m passengers during the year, up 8% from a year earlier, while revenue rose 16% to €896.8m.