Ryanair chief executive, Michael O'Leary, said: "Short-haul capacity growth and the absence of Easter in quarter four led to a six per cent fare decline, which stimulated seven per cent traffic growth, to over 139 million".
Ryanair had wanted to use the fuel-efficient planes to cut costs.
Ryanair, which operates more than 30 routes out of Liverpool John Lennon Airport, posted a profit after tax of just over €1bn for the 12 months to March 3, down from €1.45bn the previous years.
Michael O'Leary, chief executive of Ryanair, said: "As previously guided, Ryanair (excluding Austrian low-priced airline Lauda) reports a full year after tax profit of €1.02bn (£890m)".
"Assuming revenue per passenger (RPP) growth of three per cent, we are guiding broadly flat group profits", said a Ryanair statement.
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Excluding fuel, unit costs were likely to rise by 2%, mainly as a result of the appreciation in Sterling and delays in taking deliveries of the Boeing 737 MAX, with the first deliveries of the latter now seen in Winter 2019.
The airline estimates that profits could range between €750-€950 million for financial 2019.
While bookings in its first half were slightly ahead of past year, the group said fares were lower with the trend expected to continue through 2019 with "zero" visibility for the second half.
"This guidance is heavily dependent on close-in peak summer fares, H2 prices, the absence of security events, and no negative Brexit developments", management said.
Budget carrier Ryanair booked a 29% fall in annual profit after rising sales were more than offset by higher fuel and staff costs.
China was the first country to ground the 737 MAX globally after a crash in Ethiopia killed 157 people in March, in the second such incident for Boeing's newest aircraft.
In what O'Leary described as a vote of confidence from the board, Ryanair will begin a 700 million euro share buyback in the coming days.