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EasyJet says profits nosedive on Mideast war / Photo: Fabrice COFFRINI - AFP
EasyJet says profits nosedive on Mideast war
British no-frills airline EasyJet said Thursday that its profit tumbled in the third quarter as the Middle East war sent jet fuel prices soaring and dampened customer demand.
Profit before tax fell 70 percent to £85 million ($114 million) in the three months to the end of June, compared to a year earlier, EasyJet said in a statement.
The carrier said it was impacted by "elevated fuel prices and a reduction in consumer demand following the onset of the Middle East conflict."
EasyJet's fuel costs increased by £105 million compared with last year.
"We have continued to manage the impact of the Middle East conflict," during the quarter, said chief executive Kenton Jarvis.
"The final outcome for FY26 remains dependent on the important remaining bookings, as well as fuel prices, which continue to be volatile," the carrier said.
EasyJet, which flies mainly across Europe, is at the centre of a bidding war between two US private equity firms vying for ownership of the carrier.
The airline backed a takeover bid from Apollo after its surprise offer of £7.15 per share beat Castlelake's bid of £6.90 per share.
Apollo has until August 7 to make a firm offer or walk away under UK regulations, while Castlelake has until August 3.
(M.Scott--TAG)
