Ryanair's Profits Fall

The recent increases in oil prices are continuing to take their toll on the aviation industry, with Ryanair announcing that at best they hoped to break even this year.

Profit results for the first quarter of 2008 show a fall of 85% to €21m (£16.6m). However, chief executive Michael O'Leary announced that he expected flight prices to fall later in the year, as consumer confidence continues to wane.

Ryanair made a smart move recently, when oil prices dipped, hedging fuel prices for the rest of the year.