Ryanair profits slumped by a third in the first quarter as higher fuel costs and weaker customer demand forced the airline to cut ticket prices over its peak summer period.
The budget airline reported after-tax profits of €538million (£457m), down from €820million (£697m) a year earlier, and below analysts' expectations of €579million (£492m).
It pointed to a spike in jet fuel prices for the 20 per cent of its fuel that is not hedged, and a 6 per cent drop in its air fares primarily due to the impact of the Middle East conflict.
Ryanair said this offset 6 per cent growth in passenger numbers to 61.3million.
Chief executive Michael O'Leary said fares in the first quarter 'required stimulation' as the war led to 'consumer hesitancy, concerns about EU jet-fuel shortages, economic uncertainty and later bookings.'
