Easyjet forecasts profit hike thanks to sliding oil

British no-frills airline Easyjet on Tuesday forecast a hike in annual profits as slumping oil prices slash the cost of jet fuel.

Easyjet predicted a 7.6-percent increase in 2015/16 pre-tax profits to £738 million ($1.05 billion, 973 million euros) compared with its previous financial year.

"Easyjet continues to derive a cost benefit from low oil prices," the group said in the statement.

It estimates a fuel bill for its financial year ending September 30 to "decrease by between £165 million and £180 million" compared with one year earlier.

Offsetting the gain from lower energy costs is dampened demand for travel to Egypt and Paris.

"Strong revenue per seat performance in October was offset by the impact of the tragic events in Egypt and Paris," the company said.

A Russian airliner crashed near Egypt's Red Sea holiday destination on October 31, killing all 224 people on board.

Meanwhile Islamic extremists killed 130 people in the November attacks on Paris.

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