High fuel costs mean big losses for budget airline easyJet.

Budget airline easyJet has announced a pre-tax loss of £129.8 million for the first half of 2009; more than double the figure from 2008, which stood at £48m.

easyJet blamed the losses on the late Easter period – which will be taken into consideration in second half yearly results, and high fuel costs. The latter of which increased by more than £90m – equivalent to £3.87 per seat. However, the airline commented that this “will unwind as our fuel hedging policies adjust to lower market prices”.

In response to the results, Andy Harrison, easyJet Chief Executive said: “While we remain cautious about the consumer economy, at current fuel prices and exchange rates, easyJet expects to be profitable for the full year.”

Passenger numbers were up 2.9% for the first half of 2009 and forward bookings, measured by available seats booked, look extremely positive for the Luton-based airline, with over 40% of the summer’s flights already reserved.

easyJet also continues to broaden its customer base and now boasts over half of its passengers originating outside of the UK, going a long way in achieving one of its primary goals of becoming a truly pan-European short-haul airline.