Ryanair is facing growing competition from expanding low cost rivals such as Vueling and Norwegian and has also admitted easyJet "wiped the floor with us" by introducing customer service improvements much earlier.
The airline is still guiding towards full year profits of around €510m - a figure which was revised down twice following profit warnings in September and November.
Ryanair chief executive, Michael O'Leary, said the third quarter loss was "in line" with previous guidance.
Mr O'Leary, who is known for his colourful outbursts, is taking a step back from the public spotlight as Ryanair introduces a more corporate image. It has rolled out a raft of customer service improvements including, most recently, the introduction of fully allocated seating across all of its flights.
Michael Crawley, deputy chief executive, admitted that Ryanair had been "beaten by the competition", speaking to Radio Four's Today Programme on Monday morning.
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