EasyJet Q3 Revenues Decline 99.6%; Load Factor Down 2.8ppt
(RTTNews) - EasyJet (ESYJY.PK, EZJ.L) reported a 99.6% plunge in third-quarter revenue, and load factor of 88.9% for the quarter.
The company's third-quarter revenue was £7 million compared to £1.76 billion generated a year ago.
Load factor for the quarter declined 2.8ppt to 88.9% from 91.7% reported in the same period of last year.
easyJet expects to fly about 40% of planned capacity for Q4 2020. This compares to the 30% highlighted previously.
Johan Lundgren, CEO of easyJet, commenting on its Q3 trading said: "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. This increased flying will allow us to connect even more customers to family or friends and to take the breaks they have worked hard for."
the company has launched a major restructuring programme to drive cash generation and ensure that easyJet emerges from the pandemic in an even more competitive position. The programme would drive down costs in all areas of the business, which is a necessity in the current Covid-19 environment. It includes rightsizing the organisation and reducing headcount by up to 30%, the company added.
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