Ryanair First-Quarter Profit Falls 29% on Fuel Costs, Fares

Ryanair Holdings Plc, Europe’s biggest discount airline, said fiscal first-quarter profit fell 29 percent as fuel costs rose and a sluggish economy limited its ability to increase fares.

Net income for the three months ended June 30 fell to 98.8 million euros ($121 million) from 139.3 million euros a year earlier, Ryanair said today. Analysts had expected a profit of 106 million euros, based on the average of six estimates in a Bloomberg survey. Sales rose 11 percent to 1.28 billion euros.