Ryanair profits hit by high fuel costs
July 31 , 2012
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.