EasyJet swings to a profit in weaker season

Boosted by oil, ski season: EasyJet CEO
Boosted by oil, ski season: EasyJet CEO   

British low cost airline easyJet said it was positioned to continue to grow in this financial year, after swinging to a profit in its seasonally weaker first-half.

The group, which like rivals traditionally makes a loss over the winter when fewer customers fly, reported pretax profit of 7 million pounds ($11 million) in the six months ended March 31, at the upper end of its forecast for between a loss of 5 million pounds and a profit of 10 million pounds.

EasyJet said a lower fuel price and favorable currency movements as well as a strong finish to the ski season helped it make a profit in the first-half.

"EasyJet continues to be well positioned to grow revenue and profit this year, delivering sustainable returns to shareholders due to its compelling network, low cost base and strong balance sheet," chief executive Carolyn McCall said in a statement on Tuesday.