Shares of European airlines tumbled Monday after budget airline Ryanair said its profit fell 85 percent in the recent quarter and warned it might not make money this year.

From job cuts to fewer winter flights, airlines are looking for every way to battle high oil prices.

No-frills airline Ryanair said Thursday it will withdraw nearly a third of its aircraft from its major London base and suspend operations at seven other European airports because of high fuel costs and its failure to negotiate lower airport fees.

When Air France-KLM reports on Thursday morning at 7:30 CET, it will be interesting to see how the world’s biggest airline by revenue views the prospects for what is likely to be a very difficult year.

Low-cost carrier Ryanair is likely to benefit in the event of a major slowdown hitting Europe, according to the airline’s chief executive Michael O’Leary.