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LONDON (Alliance News) - easyJet PLC on Monday said pretax profit in its fiscal third quarter will be lower year-on-year following flight cancellations and the Egyptair tragedy, and said the outcome of the UK's EU referendum will hit revenue per seat in the second half of the year.
The low-cost airline said it has experienced 1,061 cancellations so far in the third quarter to the end of June, due to a significant number of disruptive events including air traffic control strikes in France, runway and congestion issues at Gatwick airport and severe weather conditions.
Those incidents, together with the Egyptair tragedy when an Egyptair plane heading for Cairo from Paris crashed into the Mediterranean, have resulted in lower consumer demand and hit third-quarter pretax profit by around GBP28 million year-on-year, easyJet said, while also reducing revenue per seat by around 1.6 percentage points.
In addition, the UK's decision to leave the EU will contribute to further economic and consumer uncertainty this summer, easyJet said, leading to an expected mid-single digit fall in revenue per seat at constant currency in the second half of the financial year, year-on-year.
On top of this, recent movements in fuel prices and exchange rates are now expected to add around GBP25 million of additional costs in the year to its previous guidance.
"easyJet's unique network, digital leadership, cost advantage and financial strength will ensure it continues to deliver its strategy and continue to be a structural winner," easyJet said in a statement.
easyJet will provide a third-quarter trading update on July 21.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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