Ryanair Profit Falls 36% as Unhedged Jet Fuel Costs Double

Ryanair shed more than a third of its profit as rising jet fuel prices triggered by the Iran war began to take effect. The budget airline had previously insulated itself from rising fuel prices by fixing its energy costs on hedged contracts. But Ryanair said the cost of the 20 per cent of its jet fuel that it had not hedged more than doubled in the first quarter of this year, to $150 per barrel. As a result, the firm’s operating costs jumped 11 per cent to €3.8bn in the three months to June and its pre-tax profit slumped…