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LONDON, Oct 8 (Reuters) - British airline easyJet
warned it would report an annual loss of as much as 845 million
pounds ($1.09 billion), its first ever, and said it kept its
finances under review as the pandemic meant it was only flying
25% of planned capacity.
The airline has signalled to the government that it may need
further financial support, according to media reports on
Thursday.
For the 12 months to the end of September, easyJet said it
expects to report a headline loss before tax in the range of 815
million pounds to 845 million pounds, worse than the consensus
forecast of 794 million pounds, according to Refinitiv data.
That is the first time easyJet, which was founded in 1995,
has ever made a full-year loss.
EasyJet said that ongoing travel restrictions meant it would
fly just 25% of planned capacity for the rest of 2020, meaning
its finances will continue to remain under pressure.
"EasyJet will continue to review its liquidity position on a
regular basis and will continue to assess further funding
opportunities, including sale and lease backs, should the need
arise," the airline said in its statement on Thursday.
To survive the pandemic so far, easyJet has taken a 600
million pound loan from the government, cut 4,500 jobs; raised
608 million pounds from selling aircraft and tapped shareholders
for 419 million pounds.
The company said it was focused on flying profitably to
conserve cash and that had helped it reduce cash burn in its
fourth quarter period compared to the third quarter.
The airline will formally report its annual results on Nov.
17.
($1 = 0.7730 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle and Kate
Holton)
