EasyJet reported an adjusted pre-tax profit of £85 million for the three months to June 30, down 70% from £286 million a year earlier, as fuel costs surged by £105 million following the outbreak of hostilities in the Middle East.
Passenger numbers dipped 0.4% to 25.8 million with a load factor of 88.9%, while the carrier's holiday division posted an £84 million profit, slightly below the prior year. The airline's shares have fallen nearly 27% since the Iran war began. The results come as the board reached an agreement in principle on a £5.7 billion takeover by Apollo Global Management, having previously accepted a £5.5 billion offer from Castlelake.
An EU official told Reuters that a review of airline ownership would ensure control of regional carriers remains within Europe. Peer Ryanair also reported a 34% drop in quarterly profits.