The budget carrier estimates it would have registered a 1% increase in profit after tax, up from €136.5m to €138.5m, were it not for the €50m costs resulting from cancelled flights and repatriating consumers stranded by of the ash.
Q1 passenger numbers grew year-on-year from 16.6 million to 18 million, up 8%, while total revenue was up 16% from €774.7m to €896.8m over the quarter.
Chief executive Michael 'Leary slammed the "unnecessary" closure of European airspace as a result of the ash cloud in April and May, as well as the UK government's £11 "tourist tax", which he claimed is "damaging both tourism and the British economy".
Ryanair confirmed it will continue to fight the "discriminatory" EU261 ruling that airlines face unlimited liabilities for consumers stranded abroad during the ash cloud airspace closure.
However, the brand's forecast for the year remains unchanged, and it still anticipates annual passenger numbers to rise 11% to 73.5 million, and full year net profits to grow 15% to €375m.
Ryanair was recently forced to and pay £50,100 in damages to easyJet founder Sir Stelios Haji-Ioannou, who had been mocked up as Pinocchio in a Ryanair campaign attacking easyJet for not publishing its punctuality times.
Haji-Ioannou responded by printing an animated ad showing Michael O'Leary attending confession.
Howard Millar, Ryanair's deputy chief executive and chief financial officer, told Marketing the firm is "unlikely" to feature Stelios in future advertising, despite insisting the campaign to persuade easyJet to publish its punctuality statistics will continue.
Millar said: "Never say never, but everyone needs to eat humble pie from time to time and we've had our medicine and we move on."
Meanwhile, through his easyGroup business.
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