EasyJet warns that its annual loss could exceed $1 billion
British airline easyJet warned Thursday that its annual loss could be as much as £845 million ($1.1 billion) from the pandemic, Reuters reported.
See also: Pilot miscalculation almost caused an accident on an Easyjet plane, according to a report.
The airline has signaled to the government that it may need more financial support, according to media reports.
The £845 million pre-tax loss projected for the fiscal year ending September 30 was worse than the £794 million analysts expected, according to Refinitiv Eikon data.
See also: Emirates expands its network in Europe to 31 destinations.
It is the first time that easyJet, founded in 1995, has had a loss of a whole year.
With travel at very low levels, most European airlines are losing money. EasyJet’s biggest rival, Ryanair, has called this winter a “loss”.
EasyJet said current travel restrictions mean it will fly only 25% of planned capacity for the rest of 2020, behind Ryanair which is aiming for 40% in October.
At such levels and with no recovery in sight, EasyJet’s finances will remain under pressure. CEO Johan Lundgren called on Thursday for Britain to “step up with a tailored package” to help airlines.
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