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EasyJet hit by fuel price rise
Rising fuel prices and tough economic conditions caused low-cost airline easyJet losses to almost double in the six months up to the end of March. Its pretax loss widened to the equivalent of 174 million euros as revenues rose 8.1 percent to 1.4 billion euros. The British budget carrier said seat sales indicate revenue through the summer will be slightly ahead of the same period last year. Chief Executive Carolyn McCall said: “The past six months has been tough with sharply rising fuel costs combined with cautious behaviour by consumers and an adverse impact from taxes on passengers.” The airline said the rising price of fuel cost it 43 million pounds (49 million euros) in the period, while increased passenger taxes accounted for 21 million pounds (24 million euros) of its losses. Rising oil prices — coupled with unrest in the Arab world — could wipe out airline profitability in 2011 and hinder the industry’s recovery, airline body IATA said earlier this month. Copyright © 2011 euronews