Dublin - Ireland's low-fare airline Ryanair warned Monday that it is bracing for red-ink of up to 60 million euros (95 million dollars) in the fiscal 2008/2009 year amid surging fuel costs.

At best, the airline said in presenting first-quarter figures, the company could show break-even results.

Ryanair said that in the first quarter starting April 1, it managed a profit of 21 million euros, plunging 85 per cent from the same quarter a year earlier.

Aviation fuel in the quarter cost the airline 367 million euros, surging 93 per cent from the same quarter last year. Ryanair said fuel now accounts for half of the airline's expenses, compared with 36 per cent a year ago.

Passenger numbers in the April-June quarter gained by 19 per cent to 15 million travellers, while revenues rose 12 per cent to 777 million euros.

The company said it is basing its earnings projections on an average oil price of 130 dollars per barrel and on a 5 per cent decline in ticket prices. (dpa)