Ryanair has reported a drop in half-year profits.
The budget airline has been hit by strikes hitting costs and bookings and the rising cost of fuel.
In the six months to 30 September, the airline reported a 7% drop in profits to €1.2 billion (£1.06 billion).
Airlines have suffered this year, leading to the collapse of the Cypriot carrier Cobalt last week, the Danish carrier Primera Air, as well as the the Swiss airline SkyWork.
The Ryanair chief executive, Michael O’Leary, said the Irish airline was better prepared for the rise in oil prices than rivals. He said: “It is inevitable that more of the weaker, unhedged, European airlines will fold this winter.”
Revenues rose by 8% to €4.4 billion and shares were up by 5% on Monday in lunchtime trading.
Neil Wilson, who is the chief market analyst at Markets.com, said: “Airlines are generally facing serious headwinds from a stronger dollar, higher oil prices and rising interest rates – Ryanair is less critically exposed to all of those but the strikes and unionisation are dragging it into the mire.”
“The key question is whether management can sort out strikes before customers completely lose faith,” he added.
Last month, Ryanair cur full-year profit expectations by 12% as it was hit by strikes.
“This full-year guidance remains heavily dependent on airfares not declining further – they remain soft this winter due to excess capacity in Europe – [and] the impact of significantly higher oil prices,” said O’Leary.
The budget airline was the subject of controversy over the weekend for failing to remove a passenger from a flight after he racially abused a woman.
David Lawrence, who filmed what happened on the flight, said on BBC Radio 5 Live: “Everything was calm, we were getting ready to take off. And then a man came on board and arrived at his seat, then spoke very harshly to a woman sitting in the aisle seat.”
“That was what got my attention as it was very loud and very aggressive. He started to shout at the woman, saying ‘get out of the way’, ‘move your feet’, ‘you shouldn’t be sitting here’.”
Shares in the group are currently trading up 5.90% at 12,13 (1417GMT).