Ryanair (RYAAY) Pre-Tax Profits Fall 34% Amid Rising Fuel Costs

Ryanair's (RYAAY) pre-tax profits dropped 34% to €593 million from April to June, while sales remained flat. The airline cut fares to stimulate demand as jet fuel prices soared due to the conflict in the Middle East. Ryanair anticipates that summer fares will be slightly lower than last year due to consumer hesitancy. With crude oil prices surpassing $90 a barrel and Brent crude rising 2.5%, the airline warned that future results will be highly sensitive to factors including ongoing conflicts and fuel costs. This scenario could impact travel costs for passengers and overall airline profitability.