Ryanair plummets to €169m loss

Low-cost airline Ryanair revealed today that it dived into the red by €169.2m in the year to March after being hit with a 59% hike in its fuel bill.

The loss compares with a profit of €390.7m the previous year and comes after Ryanair faced record oil prices and a hefty writedown on the value of its investment in rival carrier Aer Lingus.