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LONDON, April 16 (Reuters) - British low cost airline
easyJet said it would be able to survive a lengthy fleet
grounding during the coronavirus pandemic due to the steps it
had taken to shore up its finances.
The airline said that it had the ability to shrink its fleet
through leases and planned to sell six old aircraft, giving it
flexibility depending on the shape of future demand.
Looking to the future, it also said that bookings for winter
are well ahead of the equivalent point last year.
Airlines across the world are battling to stay afloat at a
time when lockdowns and travel bans have brought air travel to a
near-halt and as deep uncertainty remains over the pace of an
eventual recovery.
EasyJet said that given the level of continued uncertainty,
it was not possible to provide financial guidance for the
remainder of the full 2020 financial year.
"However, we continue to take every step necessary to reduce
cost, conserve cash burn, enhance liquidity, protect the
business and ensure it is best positioned for a return to
flying," it said.
With its various funding initiatives, it expects to have
generated total additional liquidity of around 1.85-1.95 billion
pounds ($2.31-$2.43 billion), leading to a notional cash balance
of about 3.3 billion pounds.
EasyJet forecast a first half to March 31 headline loss
before tax of 185 million pounds to 205 million pounds
($231-$256 million). That would be an improvement on a loss of
275 million pounds in the same period last year.
($1 = 0.8013 pounds)
(Reporting by Sarah Young; editing by James Davey and Kate
Holton)
