06 May 2009

Easyjet losses double

Easyjet said it remains confident of a full-year profit despite its half-yearly losses more than doubling.

The airline reported a pre-tax loss of ã129.8m for the six months to March 31, compared with a ã48.4 million loss the year before.

Passenger numbers rose 2.9% to 19.4 million in the period, despite overall capacity in the European short-haul market shrinking by 5.6%,

Easyjet blamed the increased losses on higher fuel costs and the fact that Easter fell later this year.

But chief executive Andy Harrison insisted: ââ¬ÅâœWhile we remain cautious about the consumer economy, at current fuel prices and exchange rates, easyJet expects to be profitable for the full year.
ââ¬ÅâœEasyJet is financially strong, with cash and money market deposits as at 31 March 2009 exceeding ã1 billion, and has good and well-established market positions and the Board remains confident in easyJetââ¬â¢s future prospects.ââ¬~


By Bev Fearis

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