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easyJet slumps into the red
Budget airline easyJet yesterday announced that it made a £48m loss in the six months to March, raising concerns that the low cost airline boom might finally be over.
The airline reported a pre-tax loss of £48.1m in the six months to March compared with a pre-tax profit of £1m in the same period a year ago. The loss included a £9.2million charge due to the abandoned attempt to buy Deutsche BA.
The poor results were mainly due to low ticket prices – the airline cut average ticket prices by 10.7% to £37.45. Passenger numbers rose during the period by 40% to 9.3million.
EasyJet said that forward bookings for May showed that revenue per flight was close to last year, although June’s bookings were weaker.
Chief executive Ray Webster said: “At this point in time it is too early to have visibility regarding the financial outcome for the full year, as the strength of fares over our crucial summer period is not likely to be clear for a couple of months.”
He added that yields would continue “to be under some pressure” compared to last year.
EasyJet also revealed that it was cutting 50 middle management jobs as part of its integration of Go.
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