EasyJet H1 Loss Widens As Revenue Drops

EasyJet Plc (ESYJY.PK) Thursday reported loss of 549 million pounds or 121.2 pense per basic share in the six months ending 31 March 2021, compared with loss of 324 million pounds or 82.4 pense per basic share during the same period a year ago.

Headline loss before tax was 701 million pounds or 127.2 pense per basic share compared with headline loss of 193 million pounds or 49.4 pense per basic share in the year-earlier period.

Revenue for the period declined 90% to 240 million pounds from 2.382 billion last year, due to pandemic-related travel restrictions and lockdowns.

Number of passengers for the six month period was 4.1 million, 89.4% down from 38.6 million in the comparable period last year.

Capacity also decreased 85% to 6.4 million seats from 42.7 million seats last year.

Load factor was 63.7% compared with 90.3% a year ago.

The company did not declare any dividend, in consistent with its dividend policy of a pay-out ratio of 50% of headline profit after tax.

Looking forward, the company commented, "Based on current travel restrictions in the markets in which we operate, easyJet expects to fly c.15% of 2019 capacity levels in Q3 with an expectation that capacity levels will start to increase from June on wards."

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