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Ryanair Sees £29m Loss Over Ticket Discounts

February 2, 2014

It was the worst result for its historically weak accounting third quarter since 2008. That contrasted with a net profit of £15m in the same period a year earlier. The hit comes as the Ireland -based airline discounted seat prices to help boost passenger numbers. Chief Executive Michael O'Leary said the loss in its third quarter accounting was "entirely due" to a 9% drop in average fare prices and the British pound weakening. The company added that intense price-cutting across the sector with European airlines was now easing. The firm is Europe's biggest short haul carrier and said its full-year forecast remains buoyant at around £420m. Shares in Ryanair were up more than 4% in early trading. Here is the latest share price. More follows…

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Source: Sky News (UK)

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