easyJet noted that the loss was due to the pound losing value against the euro.

Budget UK airline easyJet PLC reported a net loss in its first-half of 2016 after the company saw a drop in demand due to terrorist attacks in Brussels and Paris alongside currency headwinds.

The carrier on Tuesday said that it made a £20 million ($28.8 million) net loss for the six months ended March 31 in comparison to a £5 million profit during the same period in 2015.

EasyJet did however state that it would increase its dividend from 40% of post-tax income to 50% providing their new proposal met shareholder approval. They also indicated that looking forward they would increase their efforts to maintain nonfuel costs flat through to 2019.

As like many other airline carriers easyJet has been hit by a drop in bookings after terrorist attacks. The airline did also see an impact from the suspension of flights to Sharm El Sheikh in addition to the Paris and Brussels attacks.

Commenting on the results, Carolyn McCall, easyJet Chief Executive said:

“easyJet has  delivered a robust financial performance during the half year despite the well-publicised external events.

“Underlying consumer demand has been strong with UK beach traffic providing a healthy start to the half and easyJet’s biggest-ever ski season helping to deliver increased passenger numbers and higher revenue during H1.

“Consumers have enjoyed lower fares, which have decreased by 6% year-on-year, the second successive year of falling fares, as the benefits of lower fuel costs are passed on to passengers. Active cost control by the airline has helped maintain margins.

“This performance is a clear demonstration of the strengths of easyJet’s unique combination of Europe’s leading network coupled with friendly service, low fares, and digital and data leadership.

“We are confident that over the full year we will again grow passenger numbers, revenue and profit.”

EasyJet said that looking forward for the full-year, profit and sales should grow however exchange rates would potentially have an impact of £55 million.