EasyJet flights: The plunging profits are being blamed on Brexit and increased fuel costs (Image: Getty Images)
EasyJet has become the third airline to report losses in one week in the wake of Thomas Cook’s and TUI. Low-cost airline easyJet has posted a loss before tax of £272m in its half-year results, compared to a loss of £68m the same time last year. The plunging profits are being blamed on Brexit and increased fuel costs - factors that have hit many airlines in recent months. EasyJet also said the Gatwick drone incident caused the carrier to lose millions between October and March.
EasyJet flights: Airline reports losses of £275m due to Brexit & fuels costs
Despite the news, easyJet has said it would go on to meet its profit expectations in 2019.
In response, shares in the airline rose by 4.9 per cent in early trading. They had previously fallen 13 per cent since its April trading update to their lowest in more than two years.
So are your flights with easyJet safe?Johan Lundgren, easyJet Chief Executive, remains positive about the airline’s future. Commenting on the results, he said: “Cost control remains a major priority for easyJet. Our focus is on efficiency and on innovation through data and we are on track to deliver more than £100m in cost savings during 2019.
“We are well-equipped to succeed in this more difficult market through a number of short term customer and trading initiatives for the summer; measures to improve our operational resilience; and by focusing on what is most important to customers – value for money, punctuality and great customer service. All this is underpinned by a market leading balance sheet.”
But does easyJet need to improve?Laura Beaton, Travel & Tourism analyst at data and analytics company GlobalData said airlines would have no other option but to push ahead despite these threats if they’re to survive.
“Brexit is obviously a huge threat to the airline
