Thomas Cook cuts profit forecast

FRANKFURT: Thomas Cook Group Plc cut its earnings forecast for fiscal 2016 after a string of terror attacks from Turkey to the French Riviera depressed demand from summer vacationers.

For the year ending Sept 30, underlying earnings before interest and taxes would be about £300mil, the company said in a statement. That compares to a May forecast for operating profit to be in a range of £310mil to £335mil. With the new figure roughly in line with analyst estimates, the shares bounced back from a recent sell-off, rising as much as 9.7%.