EasyJet flags profit plunge

The budget carrier is suffering one of its most tumultous years, as Brexit and terror attacks decimate bookings.

The airline is having to fly through one of its most difficult periods in years.

British budget carrier EasyJet PLC Thursday said profit in one of its most tumultuous financial years would plunge as much as 29 per cent after terrorist attacks slowed bookings and the UK’s Brexit vote caused sterling to plunge.

The Luton, England-based carrier said full-year pretax profit should be in the range of £490 million ($US622.9m) to £495m. In the year prior pretax profit was £686m.

EasyJet Chief Executive Carolyn McCall in July called the conditions the airline was having to fly through “one of the most difficult periods” in years.

“We have been disproportionately affected by extraordinary events this year but our excellent network, cost control and revenue initiatives and our strong balance sheet underpin our confidence in the business,” Ms McCall said on Thursday.

The fall of the pound to more than 30-year lows have hit earnings for the fiscal year that ended September 30 by £90m, the airline said.

Dow Jones