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EasyJet swings to loss as virus impact dents demand

By BFN News | 07:13 AM | Tuesday 17 November, 2020


Budget airline EasyJet swung to an annual loss as a virus-fueled hit to air-travel demand weighed on revenue. For the year ended 30 September, pre-tax loss of £1.27 billion, compared with a profit of £430 million year-on-year as revenue decreased by 52.9% to £3.01 billion. Total airline revenue per seat decreased by 10.6% to £54.35 and passenger numbers for the year decreased by 50.0% to 48.1 million. The company did not recommend the payment of a final dividend, citing the loss for the year. Looking ahead, it maintained expectations to fly no more than about 20% of planned capacity for the first quarter of 2021. 'We know our customers want to fly with us and underlying demand is strong, as evidenced by the 900% increase in sales in the days following the lifting of quarantine for the Canary Islands in October,' EasyJet said. Story provided by StockMarketWire.com

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