British Airways Owner Cuts Outlook On Brexit

British Airways owner cuts outlook on Brexit

LONDON, (Pakistan Point News - APP - 29th july,2016) - International Airlines Group, owner of BA and Iberia, lowered its annual earnings forecast on Friday following the recent Brexit vote. The group, which also owns Ireland's Aer Lingus and Spain's Iberia, predicted that operating profit would see "low double-digit percentage growth" in 2016. That contrasted sharply with the 70 percent increase that was forecast prior to the shock June 23 EU exit vote. IAG had already warned one day after the referendum that it would unlikely meet its target, given the slumping pound and post-Brexit economic uncertainty.