8/4, 8:27 AM (Source: TeleTrader)
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easyJet Q3 revenue slides nearly 300% to £7M

British low-cost airline easyJet announced on Tuesday the group's third-quarter revenue landed at £7 million, down 297.5% compared to the same period a year earlier due to the coronavirus pandemic. The figure fell below expectations, although the airline said it now expects to expand its fourth-quarter flying schedule to 40% of its capacity, resulting in a small-than-estimated loss in the next quarter.

EasyJet's fleet was fully grounded on March 30 due to the global health crisis, but since restarting operations on June 15, the company said it flew 117,000 passengers with a total capacity of 132,000 seats in the remaining two weeks of the quarter.

“I am really encouraged that we have seen higher than expected levels of demand with load factor of 84% in July with destinations like Faro and Nice remaining popular with customers. Our bookings for the remainder of the summer are performing better than expected and as a result we have decided to expand our schedule over the fourth quarter to fly c.40% of capacity," CEO Johan Lundgren commented on the results.

Breaking the News / JC