Ryanair warns on profits as strikes hit income
REUTERSRyanair has warned investors its full-year profits will be lower than expected, partly due to the recent wave of industrial action.
The airline said its profits would be 12% lower than the €1.25-1.35bn (£1.11-1.2bn) previously forecast, and it now expects profits of between €1.1-1.2bn.
Ryanair said this was due to higher oil prices, higher costs associated with EU flight compensation rules, and weaker fares due to the recent strikes.
It warned it may lower forecasts again.
Shares in the airline opened down 8%.
Last week, cabin crew and pilots in Germany, Holland, Belgium, Spain and Portugal took industrial action which led to a number of flight cancellations.
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