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LONDON - Budget airline easyJet PLC reported Tuesday that full-year net profit fell 14 percent as higher costs for fuel and other expenses ate into growing revenues.
For the year ended Sept. 30, the carrier said its net profit was 71.2 million pounds ($119.9 million), down from 83.2 million pounds in the previous year.
Passenger revenue rose 8 percent to 2.15 billion pounds, and total revenue was up 13 percent to 2.67 billion pounds.
Cost for fuel rose 14 percent to 807 million pounds, and expenditures for airport charges, crews, maintenance and ground handling also rose significantly.
The carrier did not break out fourth quarter results. Chief Executive Andy Harrison said he saw "a tough winter ahead."
However, at current fuel prices and exchange rates, "we expect easyJet to make substantial profit improvement in 2010."
EasyJet shares were down 0.3 percent at 391 pence on the London Stock Exchange.
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On the Net: http://corporate.easyjet.com/investors.aspx
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