Tuesday November 17, 08:30 AM
easyJet says annual net profit down 14 percent
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LONDON (AFP) - British low-cost airline easyJet reported Tuesday a 14 percent drop in annual profit to 71.2 million pounds (80 million euros, 120 million dollars).
The company's pre-tax profit was down 65 percent to 43.7 million pounds compared to the previous year.
EasyJet (LSE: EZJ.L - news) also said total revenue was up 13 percent to 2.667 billion pounds thanks to a reduction in its competitors' capacity, the strength of its own network and strong ancillary revenue such as in-flight food sales.
EasyJet chief executive Andy Harrison said he expected a "tough winter ahead" but that profits would markedly improve in the current fiscal year which started October 1.
"This is an extremely resilient performance making easyJet the best performing European airline based on our robust yields," Harrison said in a statement.
"We see a tough winter ahead. We are focussing our efforts on further cost savings and efficiency improvements together with optimising route profitability and aircraft allocation," he said.
"We shall also benefit as our fuel hedges adjust to market prices. Putting all this together, at current fuel prices and exchange rates, we expect easyJet to make substantial profit improvement in 2010."
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