The UK’s leading budget airline on Thursday predicted a strong summer of travel and continued improvement to its bottom line, despite reporting a loss before tax of £545 million ($674m) in its results for the six months ending March 31.
EasyJet's optimism came from losses falling 22 per cent compared to the equivalent trading period in the six months to October 2021 when a £701m deficit before tax was reported.
Revenue for the H2 trading period increased 524 per cent to £1.49 billion compared to £240m in H1.
Chief executive Johan Lundgren said the improved performance came from pent-up demand after the removal of Covid-19 related travel restrictions, and the company's success in selling a range of products such as hotels and car rentals.
“EasyJet has reduced its losses year on year, at the better end of guidance," he said in a statement. "The pent-up demand and removal of travel restrictions provided for a strong and sustained recovery in trading which has been further boosted as result of our actions.
“We have transformed the airline during the pandemic, which has enabled us to emerge with renewed strength, underpinned by a product, network and service that customers really value."
Mr Lundgren expects the upwards trend to continue, forecasting a return to full capacity towards the end of the financial year.
“Since Easter we have been flying up to a quarter of a million customers and 1,600 flights every day and in the second half leisure and domestic capacity will be above 2019 levels," he said.
"We expect to operate 90 per cent of FY19 capacity in Q3 and we have capacity on sale of around 97 per cent of FY19 flying in Q4 with easyJet holidays now on track to carry over 1.1 million customers this financial year."
Over the past 10 weeks, customers of the airline have booked 6 per cent more tickets than they did in the same period two years ago.
The airline has moved planes to new routes in better-performing markets and managed to weather the surge in the price of jet fuel in recent months.
In the past year the price of a tonne of fuel has almost doubled, to £617 ($762), easyJet said.
Yet the cost of the fuel bill that easyJet had to pay for every seat on the planes that took off was actually nearly a fifth lower. The business said it had bought enough fuel in advance to withstand the increasing costs.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Company%20Profile
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
New schools in Dubai
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
OPINIONS ON PALESTINE & ISRAEL
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
MO
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6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).
7.05pm Handicap $135,000 (T) 1,400m
Winner Woven, Harry Bentley, David Simcock.
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
Winner Fore Left, William Buick, Doug O’Neill.
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
9.25pm Handicap $135,000 (T) 1,800m
Winner Art Du Val, William Buick, Charlie Appleby.
10pm Handicap $135,000 (T) 1,400m
Winner Beyond Reason, William Buick, Charlie Appleby.
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
UAE currency: the story behind the money in your pockets
