easyJet reports its first full-year loss in 25 years

The British airline easyJet warned on Thursday that it might have lost up to £845 million ($1.1 billion) in its 2020 fiscal year, termed as its first-ever full-year loss.

According to the details, for the very first time in its 25-year history, easyJet is reporting an annual loss and has scrapped its dividend amid the carnage caused by the coronavirus pandemic.

Like all other airlines of the world, easyJet has also been hard hit by the coronavirus as it has raised over $3 billion in liquidity since the beginning of the pandemic. Britain’s biggest budget airline also said it plans to operate only a quarter of its schedule in the next few months, signalling the depth of the crisis.

The airline’s CEO, Johan Lundgren, called for a ‘bespoke package of measures’ to support the industry from the UK government. “Aviation continues to face the most severe threat in its history and the UK Government urgently needs to step up with a bespoke package of measures to ensure airlines are able to support economic recovery when it comes,” he said.

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It is pertinent to mention here that since easyJet started flying 25 years ago, it has been consistently profitable. However, passenger numbers for the financial year ending 30 September 2020 halved to 48 million.

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