Ryanair Cuts Profit Expectations Due To Brexit

Ryanair Cuts Profit, Boeing 737-800

Ryanair Cuts Profit Expectations Due To Brexit. Irish carrier has reduced its expectations for full year profit by 5 percent due to the decline of the British pound after the Brexit vote.

The Irish low cost company reduced its net profit guidance for the full year to between EUR 1.30 billion and EUR 1.35billion, with profit expected to increase by 7 percent more than the previous forecast of a 12 percent.

The vote in the UK to leave the European Union caused a 18 percent drop in the value of sterling, which Ryanair said it would cut average tariffs second half of between 13 - 15 percent.

"The recent sharp fall in sterling Brexit post ... H2 productions weaken a bit more than we expected initially," Ryanair chief executive Michael O'Leary said.