Budget airline Ryanair said high fuel prices had hit profits hard, but it remained on track for the year.
First quarter profits dropped 29% to €99m, the airline said, with earnings per share dropping 27% to 6.86c.
This fall offset increased revenues, which rose 11% to €1.28bn, as traffic grew 6% and average fares rose 4%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm suffered from high fuel prices - which made up 47% of operating costs during the period - as well as economic problems in the eurozone and heavily discounted fares on new routes.
Chief Executive Michael O'Leary said the airline's outlook remained cautious for the year, with expectations full year traffic would grow 4%.
"Currently, we have no visibility of next winter's yields but expect that continuing austerity, EU recession, and lower yields at new bases will to restrain fare growth," he said.
"Until we get some second half yield visibility our guidance for full year 2013 remains unchanged, in the range of €400m to €440m as previously guided".
-
What is the 25x retirement rule and does it work?The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
-
When is the self-assessment tax return deadline?If you are self-employed, rent out a property or earn income from savings or investments, you may need to complete a self-assessment tax return. We run through the deadlines you need to know about
