easyJet: sees steep loss as traffic collapses
(CercleFinance.com) - easyJet said it expects to report a loss before tax in the range of 815 million pounds to 845 million pounds for the financial year ended 30 September, as traffic collapsed due to the Covid-19 pandemic.
Europe's second-largest low-cost carrier said passenger numbers for the full year decreased by 50% to 48 million, in line with a decrease in capacity of 48% to 55 million seats.
For the fourth quarter at end-September, revenue fell to 620 million pounds, compared to 2.3 billion pounds in the same period one year ago.
easyJet also said that it expects a loss before tax between 295 million pounds and 325 million pounds for the past quarter, from a profit of 528 million pounds a year ago.
On a brighter note, the airline said that cash burn during the fourth quarter is expected to be less than 700 million pounds, which compares favourably to the 774 million pounds of the third quarter.
Its results for the year ended 30 September will be reported on 17 November.
Shares in the company were trading 1.7% lower on the London Stock Exchange after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Europe's second-largest low-cost carrier said passenger numbers for the full year decreased by 50% to 48 million, in line with a decrease in capacity of 48% to 55 million seats.
For the fourth quarter at end-September, revenue fell to 620 million pounds, compared to 2.3 billion pounds in the same period one year ago.
easyJet also said that it expects a loss before tax between 295 million pounds and 325 million pounds for the past quarter, from a profit of 528 million pounds a year ago.
On a brighter note, the airline said that cash burn during the fourth quarter is expected to be less than 700 million pounds, which compares favourably to the 774 million pounds of the third quarter.
Its results for the year ended 30 September will be reported on 17 November.
Shares in the company were trading 1.7% lower on the London Stock Exchange after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.