(Sharecast News) - UK budget airline easyJet said it was cutting its flying schedule as changing government travel restrictions and coronavirus quarantine measures continued to hit demand.
The airline said it now expected to fly slightly less than the 40% planned capacity for the fiscal fourth quarter, highlighted at its third quarter trading update. It also pulled earnings guidance for 2020 or 2021.
Constant changes to safe travel areas, including the UK government's decision to remove seven Greek islands from its exemption list, meant customer confidence to make travel plans has been negatively affected," the carrier said on Tuesday.
"EasyJet will continue to focus on delivering a flying schedule that drives a positive contribution while maintaining focus on minimising cash burn through our cost out programme that will drive down costs in all areas of the business," the company said in a statement.
It added that it would also continue to review its liquidity position on a regular basis to assess any further funding opportunities.
(Adds airline statement, background)LONDON, May 15 (Reuters) - EasyJet Chairman John Barton is preparing to step down once he has completed nine years in the post in May 2022, the British airline said in a statement on Saturday.The company has alr...