Wednesday, March 22, 2023

Quarterly loss reduced at British low-cost airline EasyJet

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tiamin rice

British low-cost airline EasyJet plc reported Wednesday that strong revenues had helped it to narrow its quarterly loss before tax.

EasyJet said that its first-quarter loss before tax was 122 million pounds (150 million dollars), narrower than last year’s loss of 195 million pounds.

The headline loss before tax was 133 million pounds, narrower than last year’s loss of 213 million pounds.

In its trading update for the quarter that ended Dec. 31, the company said group headline earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (EBITDAR) was 42 million pounds.

Comparing this 42 million pounds to a loss of 42 million pounds a year ago.

Group revenue climbed 83 per cent to 1.47 billion pounds from last year’s 805 million pounds.

Passenger revenue climbed 78 per cent, airline ancillary revenue grew 77 per cent and holidays revenue surged 232per cent.

Moving into the second quarter, easyJet expects revenue-per-seat growth year on year to continue the trend experienced in the first quarter.

For the first half, the company projects loss before tax to be significantly better than last year.

EasyJet said, “Whilst we remain mindful of the uncertain macroeconomic outlook across the globe, based on current high levels of demand and strong bookings.

“EasyJet anticipates beating the current market profit expectations for the full year 2023.’’


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