easyJet expects £380m loss for early 2020 as coronavirus toll grows | News


easyJet expects to report a loss of up to £380 million for the first half of financial 2020 as the coronavirus pandemic continues to take a huge toll on aviation.

The low-cost carrier has suspended virtually all flights, with no date yet set for operations to resume.

However, easyJet said it could be ready to fly in as little as two weeks once the all clear was given – with domestic services likely to resume first.

Johan Lundgren, easyJet chief executive, said: “We remain focused on doing what is right for the company for its long-term health and to ensure we are in a good position to resume flying when the pandemic is over. 

“While the vast majority of our people are not able to work at this time, there is a small number working tirelessly to help our customers, and to plan for our return to the skies, whenever that might be.”

easyJet recently delayed the delivery of as many as 24 aircraft and has been searching for new sources of liquidity as it seeks to bolster its financial position. 

A cost cutting initiative and other activities have also helped to drive a £1 billion decrease in capital expenditure over three years, the airline said.

Total revenue for the six months ending March 31st increased by 1.6 per cent to £2.4 billion.

“At this stage there can be no certainty of the date for restarting commercial flights. 

“We will evaluate continuously based on changing regulations and customer demand and will update the market in due course. 

“Our strategy, network and data science teams are working through different demand scenarios for re-starting flying, which could be done with as little as two weeks’ notice,” concluded a statement.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *