Arabic version: انخفاض أرباح رايان إير مع ارتفاع تكاليف الوقود

According to BBC News, Ryanair’s pre-tax profits fell 34% to €593m (£503m) between April and June as the war in the Middle East lifted jet fuel costs and made customers more reluctant to book flights.

Sales were flat, while revenue rose 1% to €4.4bn. The airline cut fares to stimulate demand, with fares falling 6% even as passenger numbers rose 6% to 6.1 million, helped by the Easter holiday in April.

Ryanair said it expects summer fares to be slightly lower than last year because of “consumer hesitancy” around air travel. It said passengers were booking closer to departure than normal, although flights on popular Mediterranean routes remained full.

The price of fuel has risen since US and Israeli strikes against Iran began in February. Ryanair said it had hedged most future fuel costs, but fuel not covered by those arrangements had more than doubled. The company said its annual results would be highly sensitive to conflict escalation and the price of unhedged jet fuel.

Ryanair’s share price fell 5% on Monday. AJ Bell investment director Russ Mould said renewed escalation in the Middle East was unhelpful and that challenging conditions for airlines and travel could continue without a lasting resolution.