A LATE Easter and conflict in Iraq have both been blamed for low-cost airline easyJet's recent poor performance.

The budget flyer reported pre-tax losses of £48m for the six months to March 31, but insisted its low-cost model was still "robust".

While passenger numbers were up by 40 per cent, average fares were 11 per cent lower than in the same period last year.

In the same period last year, easyJet posted a profit of £1m.

EasyJet, which last year acquired rival low-cost carrier Go Fly, announced earlier this week that it was to cut 50 middle management positions.

Chief executive Ray Webster said the cuts were necessary because there continued to be a degree of duplication after the integration of the Go Fly operations.

The cuts come on top of 116 job losses resulting from the closure of its call centre at Stansted. The centre is to close this summer as part of the continuing integration of the two airlines. The group has 3,300 staff in total.

But Mr Webster said the Go Fly merger was making better progress than expected.

Although it ran up integration costs of £5.6m in the first half, Mr Webster said yesterday that the combined company had been able to make significant cost savings.

Traditionally, easyJet makes a loss in the first half of its financial year, which does not include the key summer period, but last year - when Easter fell inside the first half - the group made a profit.

Mr Webster said seasonal factors this year had been exacerbated by the effects of the build-up to war in Iraq and the slow-down in European economies.

He said that forward bookings indicated that revenues in May would be similar to levels seen last year, but June would be weaker.