British airline easyJet halved its losses in the fourth quarter of last year and expects demand to be strong this summer when its capacity will approach pre-coronavirus levels.
The England-based company posted a pre-tax loss of £213 million ($287.6m) in the three months to the end of December, significantly lower than the £423m loss in the same period in 2020.
Chief executive Johan Lundgren said bookings jumped in Britain earlier this month when travel restrictions were reduced, with another boost tied to the government’s announcement that testing requirements would end next month.
"We see a strong summer ahead, with pent up demand that will see easyJet returning to near 2019 levels of capacity, with UK beach and leisure routes performing particularly well," Mr Lundgren said.
Britain will end testing from February 11 and the EU has said it also plans to drop requirements for those who are fully vaccinated.
The changes have raised confidence levels among airlines after a two-year slump caused by the Covid-19 pandemic, which grounded planes around the globe when the crisis began in March 2020.
The International Air Transport Association said earlier this week that the global airline industry is “optimistic” about the outlook for air travel in the year ahead as Omicron-related restrictions are eased or removed.
“We believe testing for travel across our network should soon become a thing of the past,” said Mr Lundgren.
This came after annual passenger traffic recovered to 42 per cent of 2019 levels last year and cargo volumes rose 7 per cent from 2019, with domestic travel leading the recovery.
The contraction in easyJet’s losses in the fourth quarter came despite the Omicron variant of coronavirus affecting its performance, with the flying at 67 per cent capacity in December, causing it to miss its forecast of 80 per cent.
The airline's share price dropped 1.3 per cent in early trading after it said the Omicron variant was also affecting its performance this quarter. However it pared back some of its losses by 9am to be down 0.6 per cent.
EasyJet faces increased competition from bigger rival Ryanair Holdings and fast-expanding Wizz Air Holdings, which are both rapidly adding planes.
Wizz said on Wednesday that its Omicron losses are expected to continue in the first quarter of this year while pledging to boost UK capacity in the near term, especially at Gatwick airport south of London, easyJet’s biggest base.
Both Ryanair and Wizz are also growing in hot markets such as Italy, where Alitalia successor ITA Airways is a re-energised contender.
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Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
57%20Seconds
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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MO
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if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
BMW%20M4%20Competition
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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