24th Jun 2016 09:05
LONDON (Alliance News) - International Consolidated Airlines Group SA on Friday issued a profit warning for 2016 after the UK voted to leave the European Union.
The airline operator - which owns British Airways, Ireland's Aer Lingus, and Spanish carriers Iberia and Vueling - said it doesn't believe the UK's decision to leave the EU will have a long-term material impact on its business, but noted that it experienced weaker-than-expected trading in the run up to the referendum.
"Following the outcome of the referendum, and given current market volatility, while IAG continues to expect a significant increase in operating profit this year, it no longer expects to generate an absolute operating profit increase similar to 2015," IAG said in a statement.
Shares in IAG were trading down 20% at 422.10 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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