EasyJet reveals impact of Egypt and Paris terror attacks

Budget airline EasyJet said Tuesday its first quarter has been impacted by the terror attacks in Paris and Egypt towards the end of last year.

Its revenue dipped 0.1% in the three months to December 31 to £930 million due to foreign exchange swings and a decline in revenue per seat.

“Strong revenue per seat performance in October was offset by the impact of the tragic events in Egypt and Paris, resulting in lower demand and yield in November and December,” it said in a statement.

EasyJet is still not flying to Sharm el Sheikh in Egypt after the suspected bombing of a Russian passenger jet flying from the resort in October.

The attacks on the French capital the following month, for which Islamic State have claimed responsibility, left 130 dead.

EasyJet had better news on passenger numbers – up 8.1% – and the load factor – a measure of how full its planes are, up 0.6% percentage points to 90.3% – thanks to a 7.3% increase in capacity. It also lowered the cost per seat.

The company said its full-year profit before tax will still meet market expectations. Analysts are expecting the figure to be around £744 million, according to Thomson Reuters data.

Shares were down 29p, or 1.8%, at 1602p in early trading amid a wider sell-off of FTSE 100 stocks.

Source: EveningStandard