EasyJet predicts smaller losses through H1; shares see increase
March 26, 2014, 1:06 am TWN
LONDON--British no-frills airline EasyJet said on Tuesday it expected to report lower losses than thought for its first half year, and its shares rose sharply.
EasyJet said in a statement that it expected pre-tax losses of 55-65 million pounds (US$91-107 million) rather than of 70-90 million pounds for the six months to the end of March, helped by cuts to costs.
The price of shares in the group jumped 4.47 percent to stand at 1,705 pence in early deals on London's FTSE 100 index, which was up 0.98 percent to 6,584.08 points.
EasyJet traditionally posts a loss during its winter first-half when demand for its flights is less.
"EasyJet has continued to execute its strategy delivering another good performance in the first half of the year," chief executive Carolyn McCall said in Tuesday's statement. "This performance demonstrates our continued focus on cost," she added.