EasyJet Q1 Loss Before Tax Narrows On Strong Revenues; Expects To Beat FY23 Market View

British low-cost airline easyJet plc (ESYJY.PK,EZJ.L) reported Wednesday that its first-quarter loss before tax was 122 million pounds, narrower than last year's loss of 195 million pounds.

Headline loss before tax was 133 million pounds, narrower than last year's loss of 213 million pounds.

In its trading update for the quarter ended December 31, the company said Group headline EBITDAR was 42 million pounds, compared to a loss of 42 million pounds a year ago.

Group revenue climbed 83 percent to 1.47 billion pounds from last year's 805 million pounds. Passenger revenue climbed 78 percent, Airline ancillary revenue grew 77 percent, and Holidays revenue surged 232 percent.

Moving into the second quarter, easyJet expects RPS growth year on year to continue the trend experienced in the first quarter.

For the first half, the company projects loss before tax to be significantly better than last year.

EasyJet said, "Whilst we remain mindful of the uncertain macroeconomic outlook across the globe, based on current high levels of demand and strong bookings, easyJet anticipates beating the current market profit expectations for FY23."

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