Ryanair has revealed a 47% fall in earnings in the first half of this year.
Adjusted net profit for the half year to the end of September came in at €214.6m, compared with €407.6m a year earlier.
The airline says falling second-half ticket prices offset by lower fuel costs would lead it to break even over the full year.
Ryanair Chief Executive Michael O'Leary stressed that if oil prices remain at around $80 a barrel next year, its earnings would rebound strongly.
He also said it was no secret that the airline is setting up a sister company to fly cross the Atlantic, but that nothing could happen until the airline secures a long-haul fleet.
Elsewhere, Ryanair has warned it may be forced to cut flights and traffic from its Shannon base by up to three quarters from next November, unless changes are made to the Government's planned air travel tax.
Deputy chief executive Michael Cawley said the €10 departure tax per flight would have a disproportionately large effect on fares on short haul routes, than on long haul flights.
Ryanair is not in a position to cut its fares to and from Shannon any further to take account of this, he warned.
As a result, services to and from Shannon may have to be curtailed he said.
He urged the Government to look at introducing a weighted tax, perhaps based on a percentage, which would make the tax more proportionate to the relevant fare.
