EasyJet profits nosedive 70% after £105m Iran war fuel cost hit - Yahoo Finance UK

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EasyJet profits nosedive 70% after £105m Iran war fuel cost hit - Yahoo Finance UK.

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EasyJet profits nosedive 70% as £105million Iran war fuel costs smash airline.

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EasyJet has reported a 70 per cent fall in pre-tax profits after higher fuel costs and weaker booking trends weighed on its latest financial results.The budget airline said pre-tax profits fell to £85million in the three months to June 30, down from £286million during the same period last year.EasyJet said the decline was driven primarily by an additional £105million in fuel costs after the conflict in Iran pushed energy prices higher, while reduced passenger bookings linked to the Middle East crisis also affected performance.The results come just two weeks after the Luton-based airline reached an agreement in principle to be acquired by American private equity firm Apollo in a £5.7billion deal, equivalent to £7.15 per share.

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TRENDING Stories Videos Your Say The agreement followed a competitive bidding process after Apollo submitted a higher offer than rival US investment firm Castlelake.Castlelake had previously tabled a £5.5billion bid for EasyJet.The airline had agreed in principle...

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