EasyJet profits triple as budget airline attracts more passengers

Budget carrier easyJet almost tripled its profits in the past 12 months as fuel prices dropped and passengers flocked to book cheap flights, BBC reports.

The airline released figures for the past twelve months through September, revealing a profit of £154m million ($247 million). The previous 12 months saw profits of £55 million ($88 million). A total of 49 million people flew on easyJet in the past year, up 8 percent.

While a 9 percent drop in fuel prices helped all airlines, there’s been a continued shift away from national carriers such as British Airways and Air France in favor of budget carriers, and no budget airline has as much share in the European market as easyJet. The carrier now accounts for 7.6 percent of the European market.

The airline also announced it will pay a dividend for the first time in 2012, and will be buying 24 airplanes in order to expand its services.

[Photo courtesy Antony J Best via Wikimedia Commons]