UK budget carrier EasyJet's full-year pre-tax profit has fallen by 45% to £110 million ($165 million), although the company states that the underlying figure is £123 million - a fall of 35%.
The carrier, which released its resulted today for the year to 30 September, achieved a 31.5% rise in total revenue to £2.36 billion.
Passenger numbers were up by 17% to 43.7 million although load factor improved only marginally to just over 84%.
Revenue per seat for the airline was up 7.3% at constant currency rates, which the company attributes to higher ancillary revenue and longer sector lengths following the acquisition of GB Airways.
EasyJet says revenue improvements helped it recover "more than half" of the £210 million increase in fuel cost per seat. It adds that it has "strong liquidity" with cash and market deposits of £863 million.