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Ryanair issues profit warning as air fares fall

Europe's biggest low-cost carrier Ryanair has cut its full-year profit forecast as it expects winter fares to fall amid increased competition.
The Irish carrier said it now expects profit after tax, excluding its Laudamotion airline, to be between €1bn (€882m) and €1.1bn (€970m). That is down from the previous guidance of €1.1bn to €1.2bn (€1.05bn).
Winter fares are expected to fall 7%, the airline said, down from its previous guidance of a 2% decline. But it does expect the number of passengers to rise 9% to 142m.
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