Leading British low-cost airline Easyjet reported on Tuesday a sharp decline in pre-tax profit for the last financial year, down to £43.7 million ($73.6 million). Profit for the end of September, which includes the key summer period, fell by 65 percent compared to the previous financial year.
Revenue, on the other hand, increased by 13 percent to £2.67 billion. Easyjet spokesperson Andy Harrison stated that the company performed "particularly well" in the past 12 months when most European airlines were not making any profit at all. He described the results as "extremely resilient" to the crisis, noting that they were influenced by Easyjet’s policy of protection against rising fuel prices, forecasting that their decline would only impact results in the next year. Winter, however, will be tough, he emphasized. The results showed that consumers during the recession preferred Easyjet’s value, price, and airport offerings. Analysts stated that the results exceeded expectations and were good compared to other airlines. (H)
