Ryanair's fuel costs cut profit by a third
Ryanair's profits declined by 34% in the second quarter of the year, reaching €538 million, due to a 20% increase in jet fuel prices resulting from the war in Iran, which led to higher fuel costs and oil prices soaring to $150 per barrel. The company also reduced ticket prices by 6% to boost demand, despite a 6% increase in passenger numbers to 61.3 million, and a 1% rise in revenues to €4.38 billion, amid an 11% hike in operational costs.
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