easyJet reports loss of £318 million for the third quarter of the financial year

Published on : Thursday, July 22, 2021

easyJet recently reported a loss before tax of £318 million for the third quarter of the financial year. The low-cost carrier said it had maintained a “disciplined approach” to capacity and cash management during the three months to June. As a result, total cash burn during the quarter reduced to £55 million.

Fixed costs plus capex have averaged £34 million per week, outperforming the £40 million per week guidance given at quarter one. easyJet said capacity in quarter four would be up to 60 per cent of 2019 levels, up from 17 per cent over the past three months.

In order to capitalise on the opening-up of travel in continental Europe and the easing of restrictions for the fully vaccinated in the UK, the carrier said it continues to pivot capacity towards popular routes where there is rising customer demand.

Johan Lundgren, Chief Executive, easyJet said in a statement that during the quarter the carrier has successfully managed through the continued challenges of the pandemic, using the operational responsiveness to capture demand while focusing on cost control and minimising cash burn. He mentioned that the airline has used existing strengths like network with renewed purpose – pivoting capacity to Europe on places with the strongest demand and the very way of approaching the challenges that faced.