London (CNN Business) Ryanair could be headed for a rough landing this year.

Europe's leading low cost airline slashed its profit forecast for the current fiscal year to between €1.1 billion ($1.27 billion) and €1.2 billion ($1.39 billion). That's about €150 million ($174 million) less than the company had expected.

Ryanair ( RYAAY ) said that strikes and flight cancellations in September had resulted in lower traffic and higher costs. It warned that customer fears of further cancellations had led to reduced bookings, forcing the airline to cut fares in the third quarter.

Shares in Ryanair dropped over 10% in London, leaving the stock down more than 22% so far this year. The company said it could slash its profit guidance further if the strikes continue.

A sharp rise in fuel costs has also heaped pressure on the airline and its outspoken CEO Michael O'Leary , who is confronting labor unions after staff strikes forced the cancellation of hundreds of flights in recent months.

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