BUDGET airline Ryanair said today that falling fuel costs had boosted profits but added that cut-price fares would result in losses for the rest of the year.
The firm said pre-tax profits were 419.4 million euros (£376.6 million) in the six months to September 30, from 105.2 million euros (£94.4 million) last year, but said the results were "heavily distorted" by a 42% drop in fuel costs.
Ryanair said this masked a 17% decline in average fares and warned that prices would fall 20% over the rest of the year, resulting in losses for the last two quarters.
