Ryanair reported a sharp decline in first-quarter profit Monday as higher fuel costs and softer ticket prices weighed on earnings, underscoring how geopolitical tensions in the Middle East continue to ripple through the global aviation industry. It's stock fell more than 5% on the news.
The Irish budget carrier said profit after tax for the three months ended June 30 fell 34% to 538 million euros ($615.3 million), down from 820 million euros a year earlier. It added that passengers delayed booking summer holidays amid concerns surrounding the Iran conflict and its impact on energy markets and fuel supplies.
