- Ryanair reported a 34 per cent drop in after-tax profits, reaching €538 million for the three months ending in June.
- The profit slump was primarily attributed to a doubling of jet fuel prices for its unhedged fuel requirements and a strategic 6 per cent reduction in average fares.
- Chief executive Michael O’Leary explained that fares were proactively lowered due to the Middle East conflict, consumer hesitancy, and economic uncertainty.
- Despite a 6 per cent increase in passenger numbers to 61.3 million and a 1 per cent rise in revenues, these gains were insufficient to offset an 11 per cent jump in operating costs.
- The airline's full-year outlook remains uncertain, with Mr O’Leary stating it is highly sensitive to external developments such as ongoing conflicts, unhedged jet fuel prices, and European air traffic control strikes.
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