EasyJet profits down due to soaring fuel prices
(No Ratings Yet)
Loading ...
Posted on: May 7th, 2008 by Benjamin Tier
Low cost airline EasyJet has blamed soaring fuel prices for its dent in profits. They said half year losses have more than doubled due to the rocketing price of crude oil.
EasyJet have said they expect fuel costs from April to September to increase by £45m. They have also said that for every $10 rise in the price of a barrel of oil, they estimate that this will add an extra £2.5m to their fuel bill.
The carrier have said they are confident that however that they will survive the tough business environment thanks to their low-cost business model.
Chief Executive of EasyJet Andy Harrison said “Oil remains the biggest challenge and uncertainty. The price of jet fuel has risen by 35 per cent over the last three months and is now 80 per cent higher than last year.”
He added “What is certain is that if these fuel increases are maintained many of our weaker competitors will disappear or down size and EasyJet will emerge stronger, reflecting the combination of our business model , our cost advantage, our new fuel efficient fleet and the strengths of our network.”
For more information on the EasyJet fleet visit www.easyjet.com
www.easyjet.com
