By Anthony O. Goriainoff
EasyJet said that its adjusted pretax loss for the first quarter narrowed due to higher passenger numbers, and that its seasonal winter loss for the first half is expected to improve.
The London-listed budget airline said Wednesday that this improvement will take place despite an earnings hit of around 40 million pounds ($50.7 million), and further indirect effects, stemming from the conflict in the Middle East.
The airline said the improvement comes as a result of disciplined capacity growth where demand is strongest, alongside productivity benefits.
For the period ended Dec. 31, adjusted pretax loss–a metric that strips out exceptional and other one-off items–was GBP126 million compared with a loss of GBP133 million the year before.
Revenue was GBP1.80 billion, compared with GBP1.47 billion.
Passenger revenue rose to GBP1.13 billion from GBP975 million, with ancillary revenue increasing to GBP486 million from GBP406 million.
EasyJet said capacity in the period rose as it flew 23 million seats, with a load factor–a measure of how full a plane is–of 86%, compared with a load factor of 87% for the first quarter of fiscal 2023. Passenger numbers rose 14%.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
