Ryanair has reported a 29% fall in profits during the three months to June. Net profit was €99 million, compared to a forecast of €123 million. The airline blamed austerity, recession and high fuel prices. Neverthless the budget carrier has maintained its full year profit forecast of between €400 million and €440 million. “Austerity is biting. There is just less money around,” said Chief Financial Officer Howard Millar. “There are no particular bright or black spots.” Although the airline is 90% hedged for its fuel costs for this financial year, the benefit from that has been offset by a lower

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