Ryanair, the low cost airline, has revealed  its profits for the first quarter are down 85% to 21m euros.

The airline has warned it could make potential losses of 60m euros this year due to oil price. This is despite a growth in traffic of 19% to 15m passengers during its Q1.

Ryanair chief executive Michael O’Leary said: “Trading conditions have been difficult in Q1 as we suffered the loss of Easter and the impact of higher fuel prices. Oil prices almost doubled in Q1 from $61 to $117 (per barrell) as our fuel bill rose 93% to 367m euros.

“Fuel now represents almost 50% of our total operating costs compared to 36% last year.” 

The airline said it had taken advantage of the weak oil price recently and hedged 90% at $129 per barrell for September, 80% for Q3 at $124 per barrel but remains unhedged for Q4.