Ryanair's quarterly profits fell by more than a third after the price of jet fuel doubled due to the war in Iran and airlines cut ticket prices to boost demand.

The British news agency reported that the company said on Monday its after-tax profit fell 34 percent to 538 million euros ($616 million) in the three months through June.

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It explained that profits were hurt by a rise in jet fuel prices for 20 percent of its fuel needs not covered by fixed-price contracts, in addition to a 6 percent drop in ticket prices.

Passenger numbers rose 6 percent to 61.3 million, and total revenue rose 1 percent to 4.38 billion euros.

CEO Michael O'Leary said the company took the step of cutting ticket prices "after the Middle East conflict led to customer hesitancy, concerns about a jet fuel shortage in the European Union, economic uncertainty and delayed bookings."

Jet fuel prices doubled to $150 a barrel in the quarter after the war in Iran drove up oil and gas prices amid the closure of the Strait of Hormuz.

This led to operating costs rising 11 percent to 3.42 billion euros.