Ryanair first quarter net profit slumped 85%

Interesting story on Ryanair:

Ryanair Holdings PLC (RYAAY) shares plummeted 18% Monday as first-quarter net profit slumped 85% on soaring fuel prices, and the airline said it now expects only to either break even or post a EUR60 million loss in 2009.

Previously, Europe's largest budget airline by passengers carried had expected to at least break even in the full year. The full-year guidance is based on its existing fuel hedges, fourth quarter oil prices of around $130 per barrel, and average fares falling by 5% for fiscal full year.

Full story on CNN.

(Ryanair partners with Hostelworld.)