easyjet estimate plunge 99,6%
The company was hardly hit by the limit in movement, revenues down of 99.6% with £104 million missing according to forecast.
EasyJet only made 117,000 travellers in three months, seeing a collapse of 99,6% of passenger due to Covid crisis. This pandemic heavily affected the aviation industry.
The collapse is approximally to 100% in comparison to the same period od 2019. Unfortunately, the company registered revenues for £7 million in the quarter, down 99.6% with £104 million missing, according to analysts’ forecast. Loss estimasted around £324.5 million for the quarter, from a £174.2 million profit the previous year. In fact only 10 aircraft which operated with 709 flights, compared to 315 aircraft running 165,656. Easyjet stopped its activities on March 30 and the first flight departed on June 15.
However, the company has tried to cut costs meaning its “cash burn” is lower than the £30 million to £40 million it had previously forecast. The third-quarter cash burn was £774 million, less than the £1 billion previously guided.
Chief executive Johan Lundgren commented: “I am really encouraged that we have seen higher than expected levels of demand with a load factor of 84% in July with destinations like Faro and Nice remaining popular with customers.” He added: “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 c.40% of capacity. This increased flying will allow EasyJet to connect even more customers to family or friends and to take the breaks they have worked hard for.”
The EasyJet’s fallout for the pandemic sees also 1300 UK-crew members and 727 UK-based pilots are at risk of redundancy. So the airline alterted in May up to 30% of its 15,000 strong workforce could be reduced. Then its rival, Ryanair registered apassenger numbers down to 99% in the quarter, while revenue plunge to 95% compared to the same period last year.
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