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11/17/2020, 8:09 AM (Source: TeleTrader)
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easyJet's revenue plunges 53% to £3B in 2020

British low-cost carrier easyJet plc said on Tuesday its revenue in fiscal 2020 plunged 53% compared to the previous year to land at £3 billion. Loss before tax amounted to £1.27 billion, plummeting 395.9% from profit before tax of £430 million in 2019.

The airline added its number of passengers slid 50% to 48.1 million and its capacity dropped by 47.5% in the year ending September 30 due to the COVID-19 pandemic.

CEO Johan Lundgren noted the company responded "robustly and decisively" to the challenges brought by the pandemic. "While we expect to fly no more than 20% of planned capacity for Q1 2021, maintaining our disciplined approach to cash generative flying over the winter, we retain the flexibility to rapidly ramp up when demand returns," he added.

Baha Breaking News (BBN) / NP