{"text":[[{"start":10.45,"text":"Ryanair’s profits have fallen more than a third after the war in the Middle East hit consumer confidence, forcing the airline to keep fares lower even as soaring jet fuel prices pushed costs higher. "}],[{"start":22.549999999999997,"text":"The budget carrier’s profit after tax for the three months to June was €538mn, down 34 per cent on the same period last year and below analysts’ expectations of €579mn. "}],[{"start":36.25,"text":"The decline came as average fares dropped 6 per cent while operating costs climbed 11 per cent, mostly owing to the carrier’s unhedged fuel prices more than doubling. Ryanair had hedged 80 per cent of its fuel costs."}],[{"start":49.4,"text":"Chief executive Michael O’Leary said passenger fares had “required stimulation” because of “consumer hesitancy, concerns about EU jet fuel shortages, economic uncertainty and later bookings”."}],[{"start":62,"text":"The company declined to issue full-year guidance for the 12 months to March 2027, saying fare income was “heavily dependent” on the strength of late bookings in August and September. "}],[{"start":73.35,"text":"Fares in the current quarter were still “modestly down” despite a recent uptick in bookings, the carrier said. "}],[{"start":80.44999999999999,"text":"“If we can get higher fares, we’re very happy to take them, and anybody who’s booking at the last minute is paying higher fares, but we’re doing a little bit more stimulation further out,” chief financial officer Neil Sorohan told the FT."}],[{"start":94.49999999999999,"text":"The results come as rival low-cost carrier easyJet is preparing to go private after agreeing to a £5.7bn takeover by US investment group Apollo, which gatecrashed an earlier deal with private credit firm Castlelake. Some in the industry have speculated that easyJet could hold or even cut capacity under the new ownership. "}],[{"start":115.94999999999999,"text":"Sorohan said Ryanair could benefit from constrained capacity in Europe as more carriers merge and as “shaky airlines” may “struggle to get through” a winter of higher jet fuel prices and a strong US dollar."}],[{"start":128.04999999999998,"text":"Fuel looks set to continue to weigh on airlines. Oil prices rose above $90 a barrel for the first time in more than a month on Monday as the US carried out a fresh wave of attacks on Iran."}],[{"start":141.35,"text":"Sorohan said Ryanair was “exceptionally well hedged” for the coming year, with 80 per cent of its supplies secured at $67 a barrel until March. "}],[{"start":150.65,"text":"“We’re in constant contact with our fuel suppliers, and they’re very comfortable with the supply situation . . . so I wouldn’t be holding back in your booking as a result of fuel supply.”"}],[{"start":171,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784533921_5520.mp3"}