Easy Jet Hit With A Whopping 1.7 BILLION loss

EasyJet hit with losses of £1.27 billion amid new coronavirus lockdown.

Chief executive Johan Lundgren said: “While we expect to fly no more than 20% of planned capacity for Q1 2021, maintaining our disciplined approach to cash generative flying over the winter, we retain the flexibility to rapidly ramp up when demand returns. 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.  We responded with agility adding 180,000 seats within 24 hours to harness the demand.”

To survive the global crisis so far, EasyJet has raised over £1billion from sale and leaseback deals for its aircraft, taken a £600million loan from the government, cut 4,500 jobs, and asked shareholders for £419 million pounds – while warning it could need to do more.

The CEO hailed the news about the possible imminent vaccine but refused to give any statement on the outlook because conditions remained so volatile.

 


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