Low-cost airline Ryanair warned its profits will be hammered this winter by downward pressure on fares.
The Dublin-based carrier expects a 9% drop in average fares for the current quarter and a possible decline of 10% in the three months after Christmas.
Issuing its second profits warning in as many months, Ryanair said its surplus for the year to March 31 may dip to as low as 500 million euro (£423.3 million), from the 569 million euro achieved a year earlier.
For the period to September 30 - a period when airlines make most of their money - Ryanair recorded profits growth of 1% to 602 million euro (£509.7 million).
Average fares fell by 2% in the half year, although revenues from areas such as the roll out of reserved seating, priority boarding and higher credit debit card fees grew by 22% to 713 million euro (£603.7 million).