Source: Reuters Author: Andrew Potter 07/28/2008
Subject Concerned: Opinion Airlines Aviation Fuel
Profits in Europe's biggest discount airline Ryanair have plunged by 85% in the first quarter.
The airline blames record fuel costs, a situation compounded by a slowdown in consumer spending.
Ryanair saw a near doubling in its fuel bill in the three months to June 30, having resisted hedging against fuel price hikes, unlike many of its peers.