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easyJet: reduces loss in H1

( - On Thursday the British airline easyJet said that it had reduced its losses in H1, helped by the easing of traffic restrictions.

The low-cost airline's taxable loss was limited to 545 million pounds in the six months to end-March, compared with a loss of 701 million pounds in the same period last year.

For the record, the low-cost carrier was expecting a half-year loss of 535 to 565 million pounds, while the consensus forecast a loss towards the top of this range, of 564 million pounds.

However, revenues increased sixfold to almost 1.5 billion pounds compared to 240 million pounds in H1 of the previous year.

The airline said that it had benefited from a big upturn in demand, saying it expected to operate 90% of its 2019 capacity in Q3, almost back to normal once again.

In a reaction note, analysts at UBS - who have a buy recommendation on the stock - believe easyJet is "well positioned" for a successful summer season, but say they expect the current heavy stock market to hurt the stock.

This prediction proved true on Thursday morning, with the share price currently down about 1%, despite these better-than-expected results, weighed on by the decline in the London market as a whole (about -2%).

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