Pricy fuel hits Ryanair profits

Ryanair has said that higher summer ticket sales will keep it on track to meet its earnings targets this year.

That comes after soaring fuel costs squeezed quarterly profit – after tax it was 139.3 million euros.

Europe’s largest low-cost airline carried three million more passengers compared with the same period last year. It also earned more from baggage fees and in-flight food and drink sales.

Overall revenue was up by 29 percent, But a 50 percent surge in fuel prices cost 140 million euros more than planned, pushing profit below market expectations.

Ryanair maintained its profit forecast for the year of 400 million euros, unchanged from the previous year, as it sees growth of 12 percent in fares and four percent in traffic balanced by a 13 percent rise in operating costs per passenger.

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