easyJet losses double; April passengers up 6%
06.05.09
Budget airline easyJet has reported half-yearly losses have more than doubled, but said it expects to be profitable for its full financial year. It also announced passengers for April - helped by the late timing of the Easter break this year - were up just over 6%.
The budget airline reported a pre-tax loss of £129.8m for the 6 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 caused by an increase in fuel costs - which analysts 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 6 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: ‘We are financially strong,’ with ‘good and well-established market positions’.
The airline also announced that passenger numbers increased 2.9% to 19.4 million, despite overall capacity in the European short-haul market shrinking by 5.6%. easyJet passenger volumes for April - helped by the timing of the Easter break - were up just over 6%, while Irish rival Ryanair posted a 12% rise.
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