EasyJet says profits higher than expected |
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Published
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Fri, 06 Oct 2006 10:20
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LONDON - British airliner EasyJet has announced that its full-year earnings are on course to be higher than expected due to a better performance in September.
The low-cost airline said that the performance was largely due to the load factor, which was around 87 percent in September. In a statement, it said, "EasyJet now expects pretax profit for the year ended 30 September 2006 to be slightly ahead of its previous guidance for pretax profit growth of 40-50 percent".
It added that the number of passengers on its planes rose by over 9.8 percent in the month. The airline's unit revenue for the year ending September increased by 7.8 percent. EasyJet had to cancel 469 flights in the month of August following a heightened security in response to a suspected plot to bomb airliners. However it more than made up for the lost volumes in September.
Air line travel industry in Europe has seen a better performance in recent period with Ryanair, Europe's largest budget carrier, increasing its profit target due to fall in fuel prices which saw a lower cost of hedging its fuel needs. Shares of British Airways rose after it announced that the annual cost of its fuel bill would be lower than expected.
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