Search archive          Sign up for our Newsletters          Aviation Jobs
Latest Aviation News  |  Industry & Technology  |  Air Transport  |  MRO & Support  |  Aircraft Interiors  |  Editorials  |  Events Calendar  |  About UsFR
 
Aviation News EasyJet flies into first annual loss

EasyJet flies into first annual loss

AFP
08 OCT 2020 | 326 words

EasyJet expects a pre-tax loss of up to 845 million for its fiscal year just ended as coronavirus travel restrictions slam passenger demand, the British no-frills airline said Thursday.

It forecast a loss for the year to September 30 of between 815 million and 845 million ($1.04 billion and $1.08 billion), adding that its flight capacity should reach only about 25 percent in the final three months of 2020.

Updating on EasyJet's first ever annual loss, chief executive Johan Lundgren urged the UK government to do more to support the country's ailing aviation sector.

"At the beginning of this year, no one could have imagined the impact the pandemic has had on the industry," Lundgren said in Thursday's trading update.

"Aviation continues to face the most severe threat in its history and the UK government urgently needs to step up with a bespoke package of measures to ensure airlines are able to support economic recovery when it comes."

Lundgren added of the 25-year-old airline: "This year will be the first time in its history that EasyJet has ever made a full year loss."

The carrier grounded its entire fleet on March 30 as Britain went into a lockdown, returning to the skies with only a very limited schedule in the middle of June.

As a result, EasyJet is axing up to 4,500 jobs, or almost one third of its staff, mirroring moves by airlines worldwide.

"Removing cost from the business is a key management priority and will position EasyJet to emerge from the pandemic in an even more competitive position for the long term," it said Thursday.

"At this stage, given the continued level of short-term uncertainty, it would not be appropriate to provide any financial guidance for the 2021 financial year," it added.

EasyJet said passenger numbers for the financial year just ended slumped by half to 48 million.

 
Top stories
22 OCT 2020
American Airlines reports $2.4 billion loss in the third quarter American Airlines reports $2.4 billion loss in the third quarter
American Airlines announced Thursday that its earnings plunged 73 percent in the third quarter amid the collapse in air travel during the coronavirus pandemic, ... Continue Reading
22 OCT 2020
IAG flies into a 1.3 billion euros loss in the third quarter IAG flies into a 1.3 billion euros loss in the third quarter
IAG, the owner of British Airways and Spanish carrier Iberia, dived into a loss totalling 1.3 billion euros ($1.52 billion) in the third quarter ... Continue Reading
22 OCT 2020
Cathay Pacific to cut workforce by nearly a quarter Cathay Pacific to cut workforce by nearly a quarter
Cathay Pacific announced plans Wednesday to cut its workforce by nearly a quarter and close one of its short-haul airlines in an effort to ... Continue Reading
22 OCT 2020
A321 Freighters are on the rise
22 OCT 2020
HAECO Xiamen completed its first Airbus A350 C-Check
22 OCT 2020
Windrose opts for NYCO turbine oil for its entire fleet
22 OCT 2020
AJW Group has purchased three ex-Thomas Cook A330s for their components
22 OCT 2020
Boeing revises its services revenue forecast for the next ten years
Top stories
A321 Freighters are on the rise
HAECO Xiamen completed its first Airbus A350 C-Check
World's first Airbus A350 Preighter belongs to Asiana
 
Latest News     Industry & Technology     Air Transport     MRO & Support     Aircraft Interiors     Editorials
© 2020 Le Journal de l'Aviation - All rights reserved