easyJet reports fall in profits

(18 November 2008)

Budget airline easyJet has reported a drastic drop of 45% in yearly profits.

The fall has been accredited to the increase in fuel costs.

The recent audit shows that the company made a net profit of £83.2 million by 30 September this year, compared to £152.3 million of the same period in the previous year.

“We recognise that economic conditions will be very difficult and easyJet is planning accordingly, which means focusing on offering customers great value, driving down controllable costs and preserving cash," said Chief Executive Andy Harrison.