Posted at: 11/04/2013 3:35 AM
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Ryanair shares slump 10 pct on new profits warning

(AP) DUBLIN - Shares in Ryanair are falling after Europe’s top budget airline issued a new profits warning and pledged to maintain heavy fare discounts on many routes.

Stock in the Dublin-based carrier fell more than 10 percent Monday following the announcement that Ryanair’s projected profits for fiscal 2014 would fall to a range of 500 million euros to 520 million euros ($675 million to $700 million). Ryanair previously had guided profits of up to 600 million euros.

Ryanair chief financial officer Howard Millar cites weak demand across Europe.

Millar says Ryanair will keep seats filled by lowering fares an average 9 percent in the current quarter and potentially more in the first quarter of 2014.

Ryanair also unveiled service improvements Monday, most notably plans to introduce fully assigned seating in February.

(Copyright 2013 by The Associated Press. All Rights Reserved.)