Oct 1, 2018
Ryanair warns on profits as strikes hit income
Ryanair 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 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. Ryanair said fares for the third quarter of the year were lower as forward bookings, particularly for the October school mid-terms and Christmas, were being affected by fear of further strikes. "Ryanair chief executive Michael O'Leary said:"While we successfully managed five strikes by 25% of our Irish pilots this summer, two recent co-ordinated strikes by cabin crew and pilots across five EU countries has affected passenger numbers. "Customer confidence, forward bookings and fares have been affected, most notably over the October school mid-terms and Christmas, in those five countries where unnecessary strikes have been repeated."
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