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EasyJet, profits up 56 percent, orders more planes
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EasyJet, profits up 56 percent, orders more planes
British low-cost airline easyJet posted a 56 percent jump in annual profits as expected yesterday and said it would expand its fleet with more Airbus planes as strong demand offsets high fuel costs.
Shares in easyJet, Europe’s second-largest budget carrier after Ryanair, eased from the day before record high to fall 0.2 percent as the result received a mixed welcome from analysts.
EasyJet said pretax profit for the year to end-September 2006 was 129 million pounds ($246.7 million), up from 83 million pounds a year ago.
The result was in line with analysts’ expectations of 130 million pounds, according to the median of 15 forecasts.
EasyJet converted options on 52 A319 aircraft into orders and took options over a further 75 A320 aircraft, bringing the value of planes it has on firm order to more than $4 billion.
Chief Executive Andy Harrison said the orders would underpin plans to expand capacity by 15 percent this year. He said current trading was broadly in line with expectations and winter yields would be broadly in line with last year.
EasyJet said on Oct. 6 it expected pretax profit for the year ending September to be slightly ahead of earlier guidance for a 40-50 percent rise.
A strong summer and new routes helped offset a 33 percent rise in unit fuel costs for the year and the cancellation of 469 flights in August because of heightened security, imposed after British police said they foiled a plot to bomb airliners.
Harrison told reporters he hoped to increase the airline’s capacity at about 15 percent per annum. He declined to say if easyJet would return cash to shareholders but said the firm’s cash reserves were being used to fund easyJet’s growth.
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