British airline easyJet reported a 20 per cent rise in September passenger volumes, but shares fell across the sector amid growing concerns about the economy.
The company also said in a statement today its load factor - a measure of how well it fills planes - improved versus a year earlier to 86.9 per cent, while year-to-date passenger growth was up 17.3 per cent.
The performance echoed an equally positive result from Ryanair, which said on Friday its September passenger numbers grew 20 per cent.
However, both airlines have warned of slowing consumer demand over the winter months.
Shares in British Airways were hit hardest after its traffic numbers showed on Friday that more expensive flying is suffering most, with premium class travel down 8.6 percent in September and passenger numbers down 4.8 per cent overall.
"The outlook is uncertain - consumer weakness is going to be a factor for some time," said Douglas McNeill, transport analyst at Blue Oar.
EasyJet shares were down 3.3 per cent at 315 pence by 9.30am, valuing it at €1.3 billion ($2.3 billion). The shares are down by around 46 per cent for the year so far as airlines battle the twin threat of rising fuel costs and impending recession.
British Airways was off 8.5 per cent at 150 pence, valuing Britain's flagship carrier at €1.7 billion, while Ryanair was down about 6 per cent.
Collins Stewart analyst Andrew Fitchie said in a note that BA and the budget airlines were operating opposite models - with the former pushing up prices at the expense of volume and the latter keeping fares low - helping to explain the sharp contrast in September performance.