easyJet losses double; passengers up 6%
06.05.09
Budget airline easyJet has seen half-yearly losses more than double, but said it expects to be profitable for the full financial year. It also announced passengers for April - helped by the late timing of the Easter break - were up just over 6 percent.
The budget airline reported a pre-tax loss of £129.8m for the six months to 31 March, compared with a £48.4m loss a year ago but in line with analysts expectations. easyJet said the increased loss had been driven by an increase in fuel costs - which some analysts have blamed on a poor hedging policy - and the fact that Easter fell later this year. A fuel cost increase of £3.87 per seat cost it an extra £90.6m over the six months.
Andy Harrison, the airline's Chief Executive, said at current fuel prices and exchange rates easyJet would make a profit over the year. He said: ‘easyJet is financially strong,’ with ‘good and well-established market positions’.
It added that passenger numbers increased 2.9 percent to 19.4 million, despite overall capacity in the European short-haul market shrinking by 5.6 percent. easyJet passenger volumes for April - helped by the timing of the Easter break - were up just over 6 percent, while Irish rival Ryanair posted a 12 percent rise.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book hotels luton airport or car park luton airport at the lowest price, click on these links to two great luton airport car parking and luton airport hotel price comparison pages.
