LONDON (AFP) ??” Ryanair.

LONDON (AFP) ??” Ryanair, the Irish set carrier, reported the first fall in annual profits since flying into the stock market seven years ago as fierce competition in the airline industry herd down fares.

The Dublin-based carrier situationed a 14-percent fall in clear profit in the year to March 31 to 2066 million euro (2528 million dollars).

Pre-tax profits also ferocious by 14 percent to 2285 million euro reward increased by 28 percent to 107 billion euro

The airline's finances were hit according to a 14-percent decline in yields, or average fares, owing to intense competition all throughout Europe.

"Our prospect for the coming 12 month remains excessively conservative," said chief executive Michael O'Leary, who had make knowned a 15th consecutive rise in annual profits a year earlier.

"It remains our medium-term view that there will simply be one or possibly couple large ...