EasyJet Dives Into Loss But Upbeat On Recovery
Fahad Shabbir (@FahadShabbir) Published August 04, 2020 | 01:20 PM
London, Aug 4 (UrduPoint / Pakistan Point News - 4th Aug, 2020 ) :EasyJet flew into an expected loss during its third quarter as the coronavirus pandemic kept the bulk of planes grounded, the British no-frills airline announced Tuesday.
The group reported a pre-tax loss of �324.5 million ($419 million, 355 million Euros) in the three months to June, its third-quarter.
This compared with profit of �174 million a year earlier.
But EasyJet, which returned to the skies on June 15 with a very limited schedule, said it had been encouraged by the level of recent customer demand.
"Our bookings for the remainder of the summer are performing better than expected and as a result we have decided to expand our schedule over the fourth quarter to fly about 40 percent of capacity," said chief executive Johan Lundgren.
The carrier had previously forecast 30 percent capacity.
EasyJet shares soared eight percent in early London trading Tuesday following the trading update.
However at just short of 550 pence, its stock price remained hugely down on its pre-pandemic level of around 1,500 pence.
EasyJet, whose entire fleet was grounded on March 30 owing to the pandemic, carried just 117,000 passengers in the final two weeks of June.
That compared with more than 26 million passengers flown between April and June 2019.
"We have now completed more than one month of restart operations and are seeing encouraging performance across the network with a continued focus to undertake only profitable flying," the airline said Tuesday.
"In July, EasyJet flew just over two million passengers."The group in May announced plans to axe up to 4,500 jobs, or almost one third of its staff, owing to the dramatic slump in demand that has caused airlines worldwide to take similar measures.
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago -
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago
-
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
15 days ago -
Radio Bahawalpur to broadcast Eid programs
17 days ago