Categories: BusinessLatest

British Low-cost Airline EasyJet Expects Loss of More than £800m

British low-cost airline, EasyJet says it will make a loss of about £800million ($1.033billion) in 2020. This is the first time EasyJet will publish such a loss in over two decades since it was established.

The airline claims losses after tax incurred will be between £815m and £845m, missing analysts estimates of £794m.

EasyJet has made structural changes and expects to fly at just 25% of normal capacity into next year.

In an effort to reduce costs and restructure, the company announced in May it will cut its workforce as the coronavirus continues to weigh on the tourism industry.

The British low-cost airline said it was looking to cut employee numbers by 30% to reflect its reduced airplane fleet and “improved productivity,”.

The low cost airline statement said it would “continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise”.

EasyJet has also called on the British government to provide airlines with a bespoke package of support measures urgently, warning that aviation is facing the most severe threat in its history.

BBC

Follow us on:

AriseNews

Recent Posts

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

1 hour ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

1 hour ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

2 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

2 hours ago

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

5 hours ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

5 hours ago