EasyJet posts 552 million pound pretax loss on higher fuel costs

British airline EasyJet reported a significant financial loss for the first half of its fiscal year, citing higher fuel costs and reduced customer bookings stemming from conflict in the Middle East. The company announced a pretax loss of 552 million pounds, compared to a loss of 401 million pounds a year earlier.

Chief Executive Kenton Jarvis stated the airline has not experienced any disruption to its fuel supply and intends to operate its full summer schedule. He urged passengers to book with confidence, noting that the airline will not impose fuel surcharges on already booked flights or holidays. Jarvis explained that while less oil is coming from the Gulf region, fuel suppliers have successfully diversified their sources, increasing production in Norway, West Africa, and the Americas, and expanding refining capacity elsewhere.

Despite this operational stability, the company said bookings for the summer period are lower than at the same point last year, with 58 percent of seats sold for the six months ending in September, a two percentage point decline. The airline attributed this to near-term uncertainty around customer demand caused by the conflict. However, short-notice...