Ryanair warns of rising fuel costs as carrier reports profit in first quarter
Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit.war but the budget airliner reported profits after tax of €170m in Q1 against net losses of €273m .
Passenger numbers were 9% higher than pre-COVID levels and rebounded to 45.5 million, as the travel industry recovers from the pandemic.said that the Ukraine conflict"badly damaged" Easter bookings and fares, reporting a 4% fall against the same quarter before coronavirus. It also said that it was hindered by"unprecedented" air traffic control and airport handling disruption, but hopes to run"almost 100%" of its scheduled flights and minimise delays.The carrier warned that rising oil prices will increase its costs for unhedged fuel by 20% for the remainder of the financial year.
The firm's chief executive Michael O'Leary said:"Our decision to work with our unions and agree on pay cuts to minimise job losses throughout the two years of COVID was vindicated in recent months, as many European airlines, airports, and handling companies struggled to restore jobs that were cut during the pandemic.
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