EasyJet losses deepen in first half

EasyJet flew more people in the first half of its fiscal year, but losses deepened
EasyJet flew more people in the first half of its fiscal year, but losses deepened

British low-cost airline EasyJet said Friday that first-half net losses more than quadrupled due to "tough" market conditions and high fuel costs.

The carrier also warned that its second-half performance would encounter turbulence, partly because of Brexit turmoil and Europe's .

Losses after tax expanded to £218 million ($280 million, 250 million euros) in the first half of the group's financial year or six months to March, EasyJet said in a trading update.

That compared with a smaller of £54 million in the same period of the previous year.

"EasyJet has performed in line with expectations in the first half," said Chief Executive Johan Lundgren.

"I am pleased that despite tougher trading conditions, we flew more than 41 million customers, up 13 percent on last year, (and) performed well operationally."

However, the carrier warned that revenue per in the second half of its financial year was expected to be "slightly down".

"This is not helped by the ongoing negative impact of Brexit-related market uncertainty as well as a wider macroeconomic slowdown in Europe," the group cautioned.

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© 2019 AFP

Citation: EasyJet losses deepen in first half (2019, May 17) retrieved 21 October 2019 from https://phys.org/news/2019-05-easyjet-losses-deepen.html
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