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EasyJet alerts annual loss could be 845 million euros

EasyJet alerts annual loss could be 845 million euros

On Thursday, UK’s leading airline group, EasyJet, alerted that its first-ever yearly loss since inception could go up to 845 million pounds as the company was flying at 25% of its total capacity due to the coronavirus pandemic, signalling to the British administration about more financial stimulus needed.

EasyJet was started in 1995, and the aviation group is reporting an annual loss for the first time since then. The company has reported working at 25% of its capacity only as compared to the Ryanair, which is predicting to work at 40% of its capacity in October.

Most European airlines are struggling hard to survive after getting hit by the pandemic and its restrictions. EasyJet’s rival Ryanair also reported this winter as a write-off.

EasyJet has taken several actions to survive in the market, including 4500 job cuts, taking 600 million pounds from the government as a loan, 419 million pounds from shareholders, and 608 million pounds from scrapping off its planes.

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