DUBLIN - Shares in Ryanair have suffered their biggest drop in four years after the budget airline issued a rare profit warning over weaker-than-expected autumn ticket sales.
Ryanair chief executive Michael O'Leary says the airline, which typically exceeds its profit forecasts, now expects to fall short of its previous outlook.
The company's shares fell nearly 15 per cent to 5.78 euros ($7.62), a five-month low and their biggest drop since October 2009.
O'Leary told a conference call Wednesday that Ryanair now could struggle to reach its original lower-end sales target of 570 million euros ($751 million) for the fiscal year ending in March. He says sales are unexpectedly weak for the September-November period amid stronger competition in key British, Spanish and Scandinavian markets.
Ryanair last issued a profits warning in 2004.
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