EasyJet rakes in record $4.5 billion from fare add-ons as CEO slams ‘unfair' penalty over practice [CNBC]
EASYJET PLC S/ADR (ESYJY)
NASDAQ:AMEX Investor Relations:
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Source: CNBC
CEO Johan Lundgren told CNBC that a recent fine issued by Spain's Ministry of Consumer Rights over such charges was “highly unfair,” adding that the practice kept fares low. EasyJet on Tuesday reported full-year profit before tax of £610 million, in line with analyst expectations and up 34% year-on-year. EasyJet on Tuesday said it made a record £3.59 billion ($4.5 billion) from charging passengers for flight add-ons such as extra baggage in the full year to October, as the budget airline's CEO criticized a recent Spanish fine over the practice. The easyJet group, which includes an airline and a package holiday provider, on Tuesday reported that ancillary revenue — which can include an additional luggage allowance, seat selection, priority boarding and in-flight meals — rose 22% year-on-year. Many airlines have stripped back what they include in their flight fares in recent years, instead relying on cashing in more from individual add-ons, as competition to offer ultra-low cos
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