This is such a massive drop in profits that we wanted to share the story with you. The Travel Firm saw its half-year profits slump by 47% to €215 million as a result of soaring fuel costs.
Chief executive Michael O'Leary said “If oil prices remain at approximately $80 per barrel next year then our earnings will rebound strongly. We have a significant cost advantage over our competitors many of whom have hedged fuel next year at significantly higher levels than current market prices. This will force competitors to further increase air fares and widen the price gap between them and Ryanair's lowest fares.“
Read the full news story on TravelMole/RyanAir
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