Ryanair profits hit by high fuel costs

  • Budget airline Ryanair has reported a sharp drop in profits on the back of "significantly higher fuel costs".

    Net profit for the three months to the end of June sat at $122 million, down 29 percent compared to the year before.

    However, traffic growth and a rise in average airfares helped boost revenue by 11 percent to $1.56 billion.

    Fuel costs rose 27 percent to $666 million compared to the previous year and helped push up operating costs by 10 percent.