Ryanair profit fell 34% to €538 million as fuel costs and fares worsened
What's next: The airline warned summer pricing is still running below last year as travelers book later and oil volatility persists.
Ryanair posted a 34% drop in after-tax profit for its fiscal first quarter, with earnings falling to 538 million euros in the three months through June 30 as fuel costs jumped and ticket prices slipped. The Irish carrier said fares fell 6% while the cost of its 20% unhedged fuel more than doubled during the quarter, pushing operating costs higher. Ryanair linked weaker close-in demand to consumer unease around the Iran war and broader economic uncertainty, even as passenger traffic increased. Shares fell about 6% after the results. The airline said second-quarter pricing is trending modestly lower than a year earlier and warned that full-year profit remains highly sensitive to Middle East and Ukraine developments.