EasyJet Q3 Headline Pre-tax Loss Narrows, Revenues Surge; Sees Capacity Growth In Q4

easyJet Plc.(ESYJY.PK,EZJ.L) reported Tuesday that its third-quarter headline loss before tax was 318.3 million pounds, narrower than last year's loss of 346.8 million pounds.

In its trading update, the company said its third-quarter performance is in line with management expectations with the continued delivery of the cost programme and cash burn outperforming.

In the quarter, total group revenue surged to 212.9 million pounds from 7.2 million pounds a year ago.

Passenger revenue soared to 151.9 million pounds from 3.6 million pounds last year.

Passenger numbers for the quarter was 2.99 million, up from 117 thousand a year ago. Capacity grew to 4.5 million seats from 132 thousand seats last year.

As a result of the Covid pandemic, easyJet's fleet had been fully grounded for all but two weeks of the third quarter 2020, flying just 117,000 seats.

During the third quarter easyJet flew 17 percent of pre-pandemic third-quarter 2019 capacity, slightly ahead of expectations.

Total cash burn during the quarter reduced to 55 million euros.

Looking ahead, easyJet expects its capacity in the fourth quarter will be up to 60 percent of 2019 levels, up from 17 percent in the third quarter 2021.

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