Fuel consumes third of Ryanair profits

Ryanair has reported that its quarterly profits decreased by 34% to €538 million, due to a doubling of jet fuel prices resulting from the war in Iran and airlines lowering ticket prices to boost demand. Fuel costs increased by 20%, while ticket prices fell by 6%, despite a 6% increase in passenger numbers to 61.3 million people, and total revenues remained steady at €4.38 billion, up 1%. The company's CEO, Michael O'Leary, confirmed that the airline was forced to cut ticket prices to counteract the effects of the conflict in the Middle East and the rising costs of oil and gas, which led to an 11% increase in operational expenses.

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