Budget airline easyJet has revealed a 70% slump in profits due to soaring fuel costs and lower bookings caused by the Iran war just weeks after agreeing a £5.7 billion takeover. EasyJet has revealed a 70% slump in profits due to soaring fuel costs and lower bookings caused by the Iran war just weeks after agreeing in principle to a £5.7 billion takeover approach. It said bookings had begun to improve slightly but that the overall outcome for the full year “remains dependent on the important remaining bookings, as well as fuel prices, which continue to be volatile”. Its easyJet holidays arm, which offers packaged deals, saw profits dip to £84 million from £86 million a year ago, though it said it increased its market share. EasyJet chief executive Kenton Jarvis said: “We have continued to manage the impact of the Middle East conflict, and its effect on fuel prices and booking trends, during the quarter.