EasyJet loses over £320 million in third quarter

EasyJet loses over £320 million in third quarter
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British airline EasyJet is suffering a pre-tax loss of £324.5 million for its third quarter as a result of the new coronavirus (Covid-19) pandemic, it announces on Tuesday.

The airline’s revenue was reduced to £7 million between April and June, almost nothing compared to the £1.76 billion in revenue in the third quarter of last year.

Like many of its competitors, the group has also announced major job cuts that will affect up to 4,500 positions, amounting to almost a third of its workforce.

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EasyJet resumed flights on 15 June and expects a smaller loss in the fourth quarter, according to a release. The company hopes to operate at 40% of capacity between July and September, up from 30% so far, thanks to improved demand and the easing of restrictions on travel during the lockdown.

“It am really encouraged that we have seen higher than expected levels of demand (…) in July,” said Johan Lundgren, the group’s CEO, who also welcomed bookings for the rest of the summer.

The group has taken a series of measures in recent months to preserve its finances, which have been damaged by the crisis in the aviation sector. In particular, it has just raised £419 million through a new share issue, bringing the total liquidity raised since the start of the pandemic to £2.2 billion, including a £600 million loan from the British government.

“Despite the challenge we continue to face due to the pandemic, we remain no less committed to fulfilling our customers’ desire to fly sustainably through our carbon reduction initiatives, including offsetting on behalf of our customers,” Lundgren said.

The Brussels Times

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