EasyJet posts unlikely profit on lower oil prices

(MENAFN- AFP) EasyJet on Tuesday said it had managed a profit during its first half, a period when budget carriers normally report losses, thanks to lower fuel costs and a stronger pound.

The British airline reported a net profit of £5.0 million ($7.8 million, 7.0 million euros) in the six months to the end of March compared with a loss after tax of £41 million one year earlier.

EasyJet, like its rivals, tends to post losses during the northern hemisphere winter when it carries fewer passengers compared with the peak summer holiday season.

"As expected the lower oil price has been beneficial for customers and EasyJet will be able to offer its customers even better value fares this summer whilst continuing to grow revenue and profit," the airline said in an earnings statement.

Oil prices slumped for most of the reporting period on a supply glut, making the cost of jet fuel cheaper.

EasyJet had meanwhile announced in late March that earnings had benefited during its first half from currency movements after the European single currency slumped to multi-year low points against the pound and dollar on the back of eurozone strains.