Ryanair CEO Reportedly Says Brexit To Impact Profit For Up To Four Years

(RTTNews) - Michael O'Leary, Chief Executive Officer of Ryanair Holdings Plc (RYA.L, RYAAY), said that Britain's decision to quit the European Union will weigh on the Irish no-frills airline's profit for as long as four years, Bloomberg reported Tuesday.

The process of the U.K. withdrawing from the union could take two to four years, and would depress yields, a measure of ticket prices and profitability in the airline industry, the CEO reportedly said.

Meanwhile, O'Leary maintained its fiscal 2016 profit forecast of 1.38 billion euros or $1.55 billion, despite the risks posed by the aftermath of the ballot.

O'Leary said in a briefing with reporters in Brussels on Tuesday, "The outlook for the U.K. economy is poor. This will mean slower GDP growth in the U.K. and European economies."

The company has already taken contingency plans including shifting growth away from the U.K. for the next two years. The carrier is planning to send about 50 new aircraft due for delivery this year to outside U.K. routes.

In London, Ryanair shares were trading at 74.18 pence, down 1.17 percent.