British low-cost airline easyJet plc (ESYJY.PK,EZJ.L) reported Thursday that its third-quarter Group headline profit before tax was 203 million pounds, compared to last year's loss of 114 million pounds.
Group EBIT was 201 million pounds, while last year's loss was 47 million pounds. Group headline EBITDAR surged 261 percent to 372 million pounds from 103 million pounds a year ago.
easyJet's third quarter profit improved year on year, as demand for its network and services continues to be strong.
Group revenue increased 34 percent to 2.36 billion pounds from 1.76 billion pounds a year ago. The growth in revenue reflected strong demand for easyJet's leading network, the continued outperformance of ancillary products and easyJet holidays.
In the quarter, passengers grew 7 percent to 23.45 million from last year's 22 million. easyJet flew 26.18 million seats, a 5 percent increase on the same period last year when easyJet flew 24.9 million seats. Load factor was 90 percent, up from 88 percent a year ago, with load factor increasing to 91 percent in June.
Based on current booking trends, easyJet expects fourth quarter to deliver another strong profit before tax performance. The fourth-quarter capacity is expected to be around 29 million seats.
For the year 2023, the company projects a strong outcome. easyJet holidays will continue to outperform and is expected to deliver annual profit before tax of 100 million pounds.
Johan Lundgren, CEO of easyJet, said, "We continue to see good momentum as we move into Q4 where we will be operating over 160,000 flights and expect to deliver another record PBT performance. This winter we are adding more than 15 percent capacity and we see bookings ahead of the same period last year."
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