Post-tax profits for the quarter dropped by €118 million, to €21 million.
The airline has blamed rising fuel prices and generally poor economic conditions for the dip.
Losses have also been attributed to the earlier Easter holiday period.
Ryanair suggested its fuel cost almost doubled during the three month leading up to June.
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However, in contrast, passenger numbers actually increased by 19%, bringing customer figures to 15million.
Total revenue for the firm has reached €777m, hinting at a 12% expansion in trade.
Ryanair has insisted lagging sales will not result in ticket price increases for customers.
The man at the helm of the airline, Michael O'Leary, said: "Fuel now represents almost 50% of our total operating costs compared to 36% last year.
"Ryanair remains committed to our guarantee of no fuel surcharges – ever," he added.
Meanwhile, the firm has confirmed domestic flight passengers will soon be able to use their mobiles and Blackberrys while onboard, for a trail period.
It is expected this could soon be rolled-out over 40 aircraft by the end of 2008.
(PR/JM)
