Ryanair profits fall as competition drives down fares

LONDON (AFP) — Ryanair, the Irish budget carrier, reported the first fall in annual profits since flying into the stock market seven years ago as fierce competition in the airline industry drove down fares.

The Dublin-based carrier posted a 14-percent fall in net profit in the year to March 31 to 206.6 million euros (252.8 million dollars).

Pre-tax profits also fell by 14 percent to 228.5 million euros. Revenue increased by 28 percent to 1.07 billion euros.

The airline's finances were hit by a 14-percent decline in yields, or average fares, owing to intense competition all over Europe.

"Our outlook for the coming 12 months remains very conservative," said chief executive Michael O'Leary, who had trumpeted a 15th consecutive rise in annual profits a year earlier.

"It remains our medium-term view that there will only be one or possibly two large ...