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Irish budget airline Ryanair reported a 24 percent drop in net first-quarter profits Tuesday, citing lost business from the Icelandic volcano and rising fuel costs.
Net profit for the April-June quarter fell to euro93.7 million ($121.8 million) from euro123 million in the same quarter a year ago. Revenues rose 14 percent to euro692.9 million.
Ryanair reported an exceptional loss of euro50 million because European air traffic authorities canceled 9,400 Ryanair flights in April and May, citing fears of airborne volcanic ash. The airline spent euro286.6 million on fuel, 24 percent more than in the April-June period of 2009.