4th Sep 2013 06:59
LONDON (Alliance News) - Ryanair Holdings PLC Wednesday issued a profit warning, saying that it now expects full-year net profit to be at the bottom end of its guidance as yields have again dipped.
The company blamed price competition and increased capacity flying in the UK, Scandinavia, Spain and Ireland, the continued impact of austerity measures and the weak economy, and weaker sterling-euro exchange rates for pressuring fares and yields into September, October and November.
It had previously experienced a dip in yields in July as warm weather kept potential travellers at home, but said the situation had improved in August.
It said full-year net profit would now be at the lower end of its guidance for between EUR570 million and EUR600 million, and if fares and yields continue to fall over the winter, then profits could even fall below the range.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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