Low-cost carrier (LCC) easyJet has reported a pre-tax profit of £7m ($11m) for the six months to March 31, 2015, a record result for the airline which has seen its losses in the traditionally difficult winter season shrink year on year since 2011.
EasyJet cited the drop in oil prices as a large contributing factor to its profit with its fuel costs falling 3.9 per cent year on year to £516m ($809m).
The LCC’s total revenue increased by 3.8 per cent to £1.8bn ($2.8bn) with its average load factor increasing 0.7 percentage points to 89.7 per cent, as capacity grew by 3.6 per cent to 32.2 million seats.
Alongside publishing its financial results, the LCC confirmed it would begin retrofitting its existing 180 seat A320 fleet to further increase capacity in winter 2016.
Despite posting a record profit for the first half of its financial years, the carrier confirmed that it expected its H2 results to be affected by the French air traffic control strike in April – estimating a £25m ($39m) hit to its pre-tax profits, as a result of cancelling 600 flights.
Following the publication of the results easyJet shares fell 8.5 per cent.