The airline posted a profit after tax for its financial year to March 31 - excluding startup losses at its Laudamotion unit - of $1.14 billion (€1.02 billion), down from €81.45 billion in the previous year.
Ryanair, Europe's biggest low-priced airline, said the grounding of Boeing 737 Max jets and continued weakness in fares will trim its annual profit for this fiscal year.
Michael O'Leary, chief executive of Ryanair, said he is expecting "broadly flat group profits" into the financial year ending in 2020 but this is dependent on "no negative Brexit developments".
A French woman whose husband was killed in the March crash of a Boeing 737 MAX airliner in Ethiopia has filed a United States lawsuit against the planemaker seeking at least Sh27.9b (USD276 million) in damages, her lawyer said on Tuesday.More news: Man charged with assaulting Brexit Party leader Nigel Farage after milkshake incident
It is unclear when the 737 MAX aircraft will receive FAA approval to return to service.
"We continue to have utmost confidence in these aircraft", Mr O'Leary said in a boost to the troubled Boeing model.
Ryanair had cut its profit forecast for the year to March 2019 by around a fifth in two profit warnings between October and January, blaming strikes, higher oil prices and overcapacity in Europe. The airline now operates a fleet of 737-800s that fit 189 passengers but plans to have 197 seats, or 4% more, on the new MAXs.
"The delayed deliveries in 2019 means that we will not see any meaningful cost benefit until FY21", the company said.More news: Greenpeace blockades BP headquarters
"Short-haul capacity growth and the absence of Easter in Q4 led to a six per cent fare decline, which stimulated seven per cent traffic growth to over 139 million (142 million guests including Lauda)".
Several airlines have since asked for compensation from Boeing, including United, Ryanair, China Eastern Airlines, and Flydubai.
The group's full year profits have fallen 29% to 1.02 billion euros (£890 million).More news: Thursday's National Basketball Association notebook: Bucks seek 2-0 advantage in East finals