WRAPUP 1-Ryanair sees H2 loss, Olympic attracts investors

* Ryanair H2 prices to fall 15-20 pct, to make Q3-Q4 loss

* Hedged 25 percent of H1 2010 fuel at $77 barrel

* Olympic receives interest from ten investors

* Alitalia pilots meet to discuss sale protest

By John Bowker and Renee Maltezou

DUBLIN/ATHENS, Nov 3 (Reuters) - Irish airline Ryanair (RYA.I) said on Monday it would make losses in both its third and fourth quarters as ticket prices plunge, as the fate of two other European airlines hung in the balance.

Europe's biggest low-cost airline expects fares to be 15-20 percent lower in the six months to March as it battles the seasonally weak winter period -- which is also expected to add to the already long list of airline bankruptcies.

"Our full year average fare could fall by almost 12 percent, although these lower fares will be largely offset by lower fuel costs (currently $73 per barrel in Q4)," Chief Executive Michael O'Leary said, adding that earnings will rebound strongly next year if oil stays around $80 per barrel.

Soaring fuel costs over the spring and summer months have sent a number of airlines to the wall -- including Greek state-owned Olympic Airlines [OLY.UL].

The country's transport minister Kostis Hatzidakis said on Monday at least ten investors had shown interest in the privatisation of each of the three units of Olympic put up for sale by the government in September.

Meanwhile pilots and flight staff of another troubled state-owned carrier, Italy's Alitalia AZPIa.MI, were meeting in Rome on Monday afternoon to decide whether to launch mass protests against private Italian investor group Cai -- which wants to take over the company.

The meeting was due to begin at 1400 GMT.

STRUGGLING RIVALS

Ryanair affirmed its strategy of cutting fares aggressively and growing capacity to snatch business from struggling rivals across Europe -- including Alitalia.

"There are massive commercial opportunities out there with the weakness of our competitors," said Deputy Chief Executive Michael Cawley. "Alitalia are a wonderful competitor to have, they are so inefficient."