Europe’s largest low-cost carrier Ryanair has reported a sharp 34% year-on-year drop in pre-tax profits for the first quarter of its financial year (April to June), as the resurgent conflict in the Middle East sends jet fuel costs soaring and sparks widespread consumer hesitation to book air travel in advance. The Irish airline posted pre-tax profits of €593 million (£503 million) for the three-month period, with overall revenue seeing almost no growth, edging up just 1% to €4.4 billion, as the carrier was forced to slash ticket prices to stimulate flagging demand amid geopolitical uncertainty.