DUBLIN - Ryanair cut its full-year profit forecast by five percent Tuesday due to the pound's slump since Britain voted in June to exit the EU, heaping more turbulence on a troubled sector. Ryanair said it was cutting its 2016/17 profit after tax forecast by five percent to between 1.3 billion euros and 1.35 billion euros ($1.4 billion and $1.5 billion). British Airways-parent IAG has meanwhile lost nearly one-third of its share price value since June 23. Elsewhere, British airline Monarch last week won a cash injection from its owner, allowing it to continue flying holidaymakers and fund growth plans. Traders did not appear too surprised by the update, with Ryanair's share price down only 0.7 percent at 11.73 euros in Dublin morning deals.

Source: Bangkok Post October 18, 2016 08:15 UTC