Fuel costs expected to hit easyJet profits
04.05.08
The impact of soaring fuel costs are expected to dominate budget airline easyJet's interim results announcement on Wednesday, with the airline's guidance on outlook and fuel costs seen as a key indication of how the European aviation industry is coping with record oil prices.
The Luton Airport based airline has already warned investors of lower profits than previously expected in the second half of the year by revealing a potential £45 million hike in fuel costs last month. With oil prices remaining well above $100 dollars a barrel since that update - and surging to records of $120 - analysts fear another profit warning.
The results for the 6 months to March 31 are expected to show underlying pre-tax losses widening to between £40m - £45m from £17.1m last year, Numis predicts. easyJet bought former British Airways francise partner GB Airways for £103 million last year but the Gatwick-based airline is expected to have shown a loss.
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