Ryanair’s quarterly profit falls 93% due to fuel price hikes
Irish low-cost airline Ryanair announced Monday that its net profit plunged 93% in the third quarter due to rising fuel prices, which has reduced its full-year forecast.
The carrier, which flies mainly throughout Europe, announced that net profit fell to 14.8 million euros (about $16 million) in the last three months of 2023 compared with the previous year, according to a statement released Monday.
The result is due to an increase in fuel prices, but also to a rise in salaries or airport expenses, among others.
→ Ryanair announces opening of new base in Trieste, Italy
The company reduces its after-tax profit forecast to a range of between €1.85 billion and €1.95 billion ($2.004 million to $2.113 million), compared to a previous estimate of between €1.85 billion and €2.05 billion ($2.004 million to $2.221 million).
Ryanair specified that these forecasts depend largely on “unforeseen negative factors such as the war in Ukraine, the conflict between Israel and Hamas and further delays in Boeing deliveries,” AFP reported.
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