Bad fuel hedge hit easyJet profit

Low cost airline easyJet has posted a full year profit that was down nearly two thirds, at just under 50 million euros.

Passenger numbers increased, its planes were fuller, and revenue rose by almost 13 percent, but it made a wrong bet on which way fuel prices would go. They fell and it had locked in higher prices. The company is however forecasting much better earnings for the coming year from cost savings and lower fuel prices.

Copyright © 2010 euronews