Ryanair faces US$94m loss
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Ryanair has warned it could make an annual loss of up to EUR60 million (US$94.3 million) if oil prices stayed high and it continued cutting fares. The low-cost carrier announced that net profits in Q2 2008 had fallen by 85% to EUR21 million (US$33.0 million)
“The outlook for the remainder of the fiscal year, which is entirely dependent on fares and fuel prices, remains poor,” said Ryanair CEO Michael O’Leary. “We expect to record a full year result of between break-even and a loss of EUR60 million.”
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