[DUBLIN] Irish no-frills airline Ryanair has slashed its annual profits forecast for the second time since September, blaming the cut on lower fares.
The Dublin-based carrier expects annual profit after tax of not more than 520 million euros (S$873 million), it said in a results statement, which compared with a forecast at the lower end of a 570-600 million euros range given just two months ago.
"We now expect the full year outturn to be between 500 million euros and 520 million euros due entirely to this lower fare environment," Ryanair said in the statement. The airline's fiscal year runs to the end of March.
Ryanair added that net profit rose 1.0 per cent to 602 million euros in the group's first...