Ryanair warns earnings hurt by strikes, rising fuel cost

LONDON — Ryanair, Europe's biggest airline by passengers, has issued a profit warning for the year amid strikes and rising fuel prices.

The low-cost carrier says Monday it has lowered its guidance by 12 percent to between 1.1 billion euros ($1.28 billion) and 1.2 billion euros for the full year.

Pilot and cabin crew strikes in September hit passenger numbers and resulted in passenger compensation costs.

Ryanair Chief Executive Michael O'Leary says that while the strikes have been successfully managed "customer confidence, forward bookings and Q3 fares has been affected, most notably over the October school mid-terms and Christmas." Second and third-quarter traffic and airfares will be "somewhat lower than expected" as a result.

The airline says more staff strikes could force the company to issue further profit warnings.

Must Read

Knighthoods for Murray and Farah in New Year's...

Dec 30, 2016

Andy Murray received a knighthood in Queen Elizabeth II's New Year's Honors list on Friday,...

Jamie Oliver to shut 6 UK restaurants in tough...

Jan 6, 2017

Celebrity chef Jamie Oliver is shutting six of his 42 Jamie's Italian restaurants in Britain amid...

Arsenal midfielder Xhaka questioned by police

Jan 24, 2017

Arsenal midfielder Granit Xhaka has been questioned by police after being accused of racially...

Study: Superbug infections found in Chinese...

Jan 27, 2017

New research suggests a worrying number of people in China may be infected with bacteria resistant...

Queen Elizabeth II marks record 65 years on throne

Feb 6, 2017

Queen Elizabeth II has become the first British monarch to reach the milestone of 65 years on the...

Sign up now!