easyJet's Quarterly Profit Plunges 70% as Fuel Costs and Middle East Conflict Weigh on Demand - Bazaar Times
LONDON, July 23– British low-cost carrier easyJet reported a sharp decline in quarterly earnings after higher fuel costs and weaker travel demand, linked to the conflict in the Middle East, weighed on its. . .
LONDON, July 23– British low-cost carrier easyJet reported a sharp decline in quarterly earnings after higher fuel costs and weaker travel demand, linked to the conflict in the Middle East, weighed on its financial performance during the peak travel season. The airline posted a headline pre-tax profit of£85 millionfor the quarter ended June 30, down70%from£286 millionin the same period last year. Despite the steep decline, the result came in ahead of analysts’ expectations. easyJet said its fuel expenses rose by around£105 millionyear-on-year as oil prices climbed following heightened tensions in the Middle East. The airline also reported softer booking trends as geopolitical uncertainty dampened consumer confidence and travel demand. Group revenue increased2%to£2. 98 billion, supported by continued growth in ancillary services and its holidays division. However, passenger revenue slipped1%, while passenger numbers eased to25. 8 millionand the load factor declined to88. 9%from90. 2%a year earlier. Chief ExecutiveKenton Jarvissaid booking momentum has strengthened ahead of the peak summer travel period, with customers increasingly making reservations closer to their departure dates. The company added that68% of its fourth-quarter capacity has already been sold, signaling resilient demand despite ongoing geopolitical uncertainty. Looking ahead, easyJet said its full-year performance will depend on fuel prices, geopolitical developments and late summer booking trends. The airline maintained its outlook for continued capacity growth and further expansion of its holidays business. Source: Patronlar Dünyası/ Prepared by: İlayda GökRead Next21/03/2022Turkiye’s BIST 100 index up at Monday’s open11/07/2026Bayer Secures €3. 4 Billion Deal with Apollo While Retaining Operational Control05/02/2025UAE’s Non-Oil Sector Expands as PMI Remains Strong in Early 202512/03/2024Turkiye’s industrial production improves in January