UK's easyJet reports 16 per cent rise in quarterly profit

Britain's EasyJet reported a 16 per cent rise in pretax profit in its third-quarter on Wednesday, helped by strong summer travel demand and more customers looking for budget holidays.

The low-cost carrier posted a headline pre-tax profit of £236 million (AED 1.1billion) for the three months ended June 30, compared with £203 million (AED 961 million) reported a year earlier.

EasyJet said the outlook for its fiscal 2024 is positive, without giving a specific forecast for profit.

Demand for air travel has normalised after a post-COVID pandemic boom as travellers baulk at higher fares, executives at major airlines said at the Farnborough Airshow on Monday after Ryanair posted a profit slump and warned ticket prices were continuing to deteriorate.

Airline revenue per seat for the quarter was up 1 per cent and the trend is expended to continue into the fourth quarter, EasyJet said.