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easyJet: shares slide after posting full-year loss

( - easyJet shares hit an air pocket on Tuesday, dropping 5% in early trading, after the British budget carrier posted heavy losses for the fiscal year ended 30 September, due to the impact of the Covid-19 pandemic.

The low-cost airline said its pre-tax loss for the past financial year was 835 million pounds, from a profit of 427 million pounds the previoius year, which is within its guidance range of a loss of 815 million pounds to 845 million pounds.

On a reported basis, however, the pre-tax loss reached nearly 1.3 billion pounds, from a profit of 430 million pounds a year ago.

Broker Liberum said the results were "in line" with market's forecasts.

"The substantial loss reflected the severe impact from the pandemic, with virtually no flying in the third quarter and capacity in the usual peak fourth-quarter still subdued," the analyst noted.

However, Liberum pointed out that year-end cash was 2.3 billion pounds, with easyJet having burned through its first-half end cash pile during the second part of the fiscal year, as the company raised fresh capital of 2.4 billion pounds.

easyJet shares were down 5.2% in early morning trading on the London Stock Exchange.

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