Fuel and tensions in the Middle East sink Ryanair's profits by 15%

Ryanair reported a 15% drop in net profits for the first half of its fiscal year, totaling €2.2 billion. The decline was attributed to rising fuel costs and a decrease in average ticket prices, despite a 6% increase in passenger traffic. The average fare fell by 4% to €55.70, while unhedged fuel costs doubled to around $130 per barrel. CEO Michael O'Leary noted that revenue increased by 3% to €10.1 billion, but operational costs surged by 10% to €7.7 billion, offsetting revenue gains.