Ryanair shares dive 23%
Ryanair received a double blow this week when it received news that the European Commission will rule that the government subsidies it currently receives are illegal on top of the announcement of falling profits. A Ryanair spokeswoman confirmed to TravelMole, ahead of the official ruling on 3 February, that reports in the national press saying that government subsidies to airlines are to be banned, were correct. She told TravelMole: ?This ruling is not directed solely at Ryanair, it has wider implications for the whole of the industry. Many other European carriers have incentives in place with European airports.? The ruling could mean that Ryanair is asked to pay back the subsidies it has received from Brussels Charleroi. The FT.com reports that this could be anything from ?3 million to ?15 million. The ruling will not only pose a threat to Ryanair routes, but also to other European carriers that have agreements to receive subsidies from state-owned airports. Ryanair has warned that profits for this year will be down due to a number of factors including intense price competition on European routes. The carrier also blamed capacity growth, the launch of two new bases at Rome Ciampino and Barcelona Girona, and the impact of a week Sterling against the Euro. The Irish no-frills airline said it would continue to manage costs tightly in order to continue offering low fares. In an ebullient statement the airline said: ??.many competitors have been forced to reduce their frequency and capacity or withdraw from markets where they compete with Ryanair?s low fares.? However, shares in Ryanair have tumbled ?1.38 (20.4%) to ?5.39 following the news.
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