Luton, Jan. 27, (dpa/GNA) – Losses almost halved for British air carrier easyJet in its most recently completed quarter, it announced on Thursday, as the company noted a steep slowdown in cash burn.
Like many businesses in the travel sector, restrictions linked to the coronavirus pandemic have weighed on easyJet. But it said it sees better times ahead.
“We see a strong summer ahead, with pent up demand that will see easyJet returning to near 2019 levels of capacity with UK beach and leisure routes performing particularly well,” said chief executive Johan Lundgren.
But that still means profits are in the future. For the first quarter, which ended on December 31, headline loss before tax was 213 million pounds (287.5 million dollars), compared to a loss of 423 million pounds a year ago.
Cash burn during the first quarter was 450 million pounds, compared to 969 million pounds.
First quarter total group revenue increased to 805 million pounds from 165 million pounds, prior year. Passenger revenue increased to 547 million pounds from 118 million pounds, and ancillary revenue increased to 258 million pounds from 47 million pounds, primarily as a result of the increase in capacity flown.
During the quarter, easyJet flew 64 per cent of fiscal 2019 capacity, which was broadly in line with the guidance provided and a significant increase on the same period last year.
Load factor was 77 per cent, rather than more than 80 per cent as guided, due to the impact that Omicron had during December. Passenger numbers increased to 11.9 million from 2.9 million in the prior year.
GNA