By Ian Walker
Budget airline easyJet PLC said Tuesday that it expects to report a smaller loss for the fourth quarter than that generated in the third as it flies more passengers, and that it spent less cash in the quarter than expected.
EasyJet said that it spent 774 million pounds ($1.01 billion) in the third quarter of the year ended June 30, compared with expectations of GBP1 billion. Headline costs in the quarter were also 79% lower than the third quarter of fiscal 2019.
The airline said that revenue for the quarter was GBP7 million compared with GBP1.76 billion for the comparable quarter last year, and that it now expects to fly 40% of capacity in the fourth quarter compared with 30% guided for at the time of its half year earnings.
Headline pretax loss--which strips out exceptional and other one-off metrics for the quarter was GBP324.5 million compared with a profit of GBP174.2 million for the same period in 2019.
Write to Ian Walker at firstname.lastname@example.org