Ryanair's quarterly profit fell by more than a third as 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 that its after-tax profit fell by 34 percent to 538 million euros ($616 million) in the three months to June.

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It explained that profits were hurt by higher jet fuel prices for the 20 percent of its fuel needs not covered by hedging contracts, as well as a 6 percent drop in ticket prices.

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

CEO Michael O'Leary said the company took the step of cutting ticket prices 'after the conflict in the Middle East led to customer hesitation, concerns about jet fuel shortages in the European Union, economic uncertainty, and booking delays.'

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

This led to an 11 percent increase in operating costs to 3.42 billion euros.