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EasyJet profit beats forecast

An EasyJet plane pulls into the gate at London's Gatwick Airport on June 27, 2006, in this file photo.

An EasyJet plane pulls into the gate at London's Gatwick Airport on June 27, 2006, in this file photo.

EasyJet Plc, Europe's second-biggest low-cost airline, said full-year profit beat its forecast after flying more passengers and raising ticket prices.
Pretax profit for the year ended September 30 was "slightly ahead" of previous guidance for growth of 40 percent to 50 percent, EasyJet said yesterday in a statement. Revenue rose 21 percent to 1.62 billion pounds (US$3.04 billion) while average fares gained 7.8 percent, the airline said.
"September revenue was slightly ahead of expectations marking an encouraging end to EasyJet's financial year," the airline said in the statement.
EasyJet added planes and routes from bases including Milan Malpensa and Lisbon to meet demand. Discount carriers now have 24 percent share of the market in Europe, up from 5 percent in 2001, according to the Official Airline Guide. Ryanair Holdings Plc, the region's largest no-frills airline, on September 29 raised its full-year profit forecast as new routes attracted more passengers.
Shares higher
Shares of EasyJet rose as much as 12 pence, or 2.4 percent, to 510 pence and was at that level in early trading in London. The stock has gained 25 percent this year, valuing the company at 2.1 billion euros.
Passenger numbers rose 9.8 percent to 3.01 million last month from 2.74 million a year earlier. Passenger numbers jumped 11.5 percent to 32.9 million in the past 12 months. The load factor, or proportion of seats filled, rose to 86.5 percent from 86.4 percent.


Updated : 2021-05-09 07:58 GMT+08:00