easyJet reports £318m loss for third quarter
easyJet has reported a loss before tax of £318 million for the third quarter of the financial year.
The low-cost carrier said it had maintained a “disciplined approach” to capacity and cash management during the three months to June.
As a result, total cash burn during the quarter reduced to £55 million.
Fixed costs plus capex have averaged £34 million per week, outperforming the £40 million per week guidance given at quarter one.
easyJet said capacity in quarter four would be up to 60 per cent of 2019 levels, up from 17 per cent over the past three months.
In order to capitalise on the opening-up of travel in continental Europe and the easing of restrictions for the fully vaccinated in the UK, the carrier said it continues to pivot capacity towards popular routes where there is rising customer demand.
Johan Lundgren, chief executive of easyJet, said: “During this quarter we have successfully managed through the continued challenges of the pandemic, using our operational responsiveness to capture demand while focusing on cost control and minimising cash burn.
“We have used our existing strengths like our network with renewed purpose - pivoting capacity to Europe where we saw the strongest demand and the very way we have approached the challenges that we faced means we have adapted and built back stronger for the future.”