British airline EasyJet said Wednesday that it halved its first-quarter losses on strong passenger demand for flights and package holidays as well as easing fuel costs.
Losses before taxes stood at £61 million ($75 million), in the three months to December, down from £126 million in the period a year earlier, it said in a results statement.
“EasyJet’s first quarter result significantly improved as demand for our primary airport network and package holidays continued,” the low-cost carrier said.
Profits for the group’s package holiday offering, EasyJet holidays, grew to £43 million, up by £12 million year-on-year.
Revenue increased 13 percent to just over £2 billion in the first quarter, with the airline also citing cost-control measures and favourable fuel prices.
“Looking to this summer, we have seen continuing demand for EasyJet’s flights and holidays where we have one million more customers already booked,” chief executive Kenton Jarvis said in a statement.
He added that new destinations like Tunisia and Cairo had proved popular, in addition to “firm favourites” like Palma, Faro and Alicante.
“All of this demonstrates positive progress towards our medium term target to deliver more than one billion pounds of profit before tax,” Jarvis said.
EasyJet said current booking trends supported its positive outlook for full-year results.
The airline last week announced plans to resume flights to and from Tel Aviv from June 1 after a ceasefire agreement was announced between Israel and Hamas.
