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Ryanair Q2 profit increased 8%

Staff Writer |
Ryanair reported second-quarter profit rose 8% and initiated another share buyback to help ease investor sentiment after sterling's slump after the Brexit vote caused the company to issue a profit warning last month.

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Net profit for the July-to-September period, traditionally the busiest for Ryanair, rose to 912 million euros ($1 billion) from 843.1 million euros a year ago. Sales advanced 2% to 2.4 billion euros.

The Irish carrier said its board had approved a 550 million euro share-repurchase program, the airline's eighth, to be carried out through February 2017. It also signaled its confidence in growth by boosting its long-term passenger forecast.

Ryanair last month warned that the British currency's fall in the wake of the country's vote to leave the European Union would slow profit growth this year. More than a quarter of the Irish budget carrier's sales are in the U.K.

Net profit is now expected in the range of 1.3 billion euros to 1.35 billion euros in the year to end-March, adjusted down from 1.375 billion euros to 1.425 billion euros. Profit last year was 1.2 billion euros.

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