EasyJet profits plummet as it waits to see if Apollo firms up takeover proposal

EasyJet reported a significant decline in its fiscal third-quarter operating profit, experiencing a more than two-thirds decrease following increased fuel costs and reduced customer demand. The airline’s financial performance was impacted by elevated fuel expenses totaling £105 million ($140 million), primarily due to the Iran war's influence. This surge in fuel expenditure contributed substantially to the overall reduction in profitability for the UK low-cost carrier. Currently, EasyJet is awaiting confirmation regarding Apollo Global Management’s takeover proposal. Analysts are closely monitoring developments as they pertain to this potential acquisition and its impact on the company’s future.