Its net profit for the period from March to the end of June was €93.7 million, with a cost of €50m for almost 10,000 flights cancelled in April and May.
"Our first-quarter profits were adversely impacted by the unnecessary closure of European airspace," chief executive Michael O'Leary said.
Ryanair angered many passengers in the early stages of the ash cloud disruption by offering refunds of only the ticket price- a blatant refusal to abide by strict EU consumer rules. The company refused to comply with what it called an "unfair" European law requiring airlines to pay the hotel and food costs of people stranded without flights, and was later fined by Brussels. However, it was forced to make full compensation after passengers and consumer groups complained. Ryanair set up dedicated Volcanic Ash Disruption team to handle refunds and claims from passengers.