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LONDON, Aug 4 (Reuters) - British low cost airline easyJet
said it planned to fly about 40% of its capacity over
the rest of the summer, more than originally scheduled as
bookings were stronger than expected despite ongoing
restrictions due to the pandemic.
After planes were grounded for months until mid-June
bringing airlines to their knees, the tentative return to flying
in Europe has been threatened by rising COVID-19 cases,
prompting the UK to bring back travel restrictions for Spain.
But easyJet said late summer bookings were "performing well"
and it would now fly 40% of last year's capacity in its fourth
quarter, compared to earlier guidance of 30%.
It also said its fourth quarter loss would be smaller than
the headline loss before tax of 324.5 million pounds ($424
million) which it posted for the three months to the end of
June, which reflected over two months when travel was halted.
The pace of easyJet's capacity recovery is behind Europe's
largest budget carrier, Ryanair, which said for July it would
fly about 40% of normal capacity, rising to 60% in August and
70% in September, and Wizz Air which is at about 70%.
But Ryanair was forced to cut its annual passenger target
last week, warning of the impact of a potential second wave of
the virus.
EasyJet said on Tuesday it remained focused on costs. Its
operational cost cash burn during its third quarter was lower
than the previously guided 30 to 40 million pounds per week,
putting total cash burn at 774 million pounds for the quarter,
lower than guidance of 1 billion pounds.
The airline said in May it would need to cut 4,500 jobs and
become more efficient to stay competitive and survive the
pandemic which will result in a much smaller travel market.
($1 = 0.7650 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle)
