Easyjet Recorded The First Annual Loss In Its 25-year History

Easyjet Recorded The First Annual Loss In Its 25-year History

The British low-cost airline EasyJet announced on Tuesday that it recorded the first annual loss in its 25-year history due to a new coronavirus pandemic. And the outlook for this winter remains bleak. EasyJet chief Johan Lundgren said the airline plans to offer only a fifth of its regular flights this quarter, another revision downwards from previous expectations. According to Lundgren, the only hope is the favorable results of vaccine tests for COVID-19. He added that EasyJet is flexible enough to respond to changing demand if more people start booking flights. For the past fiscal year 2019/20, which ended on September 30, the airline fell into a loss. Its passenger numbers fell by 50% to 48.1 million people. The annual pre-tax loss was £ 1.27 billion (€ 1.43 billion), compared to a profit of £ 430 million the previous year. Total sales fell by 52.9% to GBP 3.01 million. Airlines said they could not offer revenue forecasts in the current fiscal year due to uncertainty about the course of the pandemic. At the same time, they expect to use only about 20% of their capacity in the first quarter (October - December) of the fiscal year 2020/21.