Airline easyJet's first-half loss widens as COVID-19 hurts travel, seeks cash

(Reuters) - Budget airline easyJet on Wednesday reported a bigger loss for the first half as it took a 160-million-pound hit ($199 million) from failed fuel hedging as the COVID-19 pandemic brought global air travel to a virtual standstill. The London-listed company reported a pretax loss of 353 million pounds for the six months ended March 31 from a loss of 272 million pounds last year. Revenue rose 1.6%, though easyJet took a hit from strikes in France, and storms Ciara and Dennis.

Reuters June 25, 2020 00:08:56 IST
Airline easyJet's first-half loss widens as COVID-19 hurts travel, seeks cash

Airline easyJets firsthalf loss widens as COVID19 hurts travel seeks cash

(Reuters) - Budget airline easyJet on Wednesday reported a bigger loss for the first half as it took a 160-million-pound hit ($199 million) from failed fuel hedging as the COVID-19 pandemic brought global air travel to a virtual standstill.

The London-listed company reported a pretax loss of 353 million pounds for the six months ended March 31 from a loss of 272 million pounds last year. Revenue rose 1.6%, though easyJet took a hit from strikes in France, and storms Ciara and Dennis.

The airline, which did not provide guidance for the rest of the year, separately announced that it would raise as much as 450 million pounds by selling shares to bolster its finances as most of its fleet remains grounded during the health crisis.

($1 = 0.8046 pounds)

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

EU poised to secure Sanofi deal for coronavirus vaccine
Business

EU poised to secure Sanofi deal for coronavirus vaccine

By Foo Yun Chee BRUSSELS (Reuters) - The European Union's executive on Friday wrapped up preliminary talks with French drugmaker Sanofi aimed at securing its COVID-19 vaccine for the 27-country EU bloc, the latest deal with vaccine producers. Armed with an emergency fund of more than 2 billion euros ($2.4 billion), the European Commission wants to strike deals with up to six drugmakers for their vaccines for their 450 million citizens against the coronavirus that has killed 674,000 people worldwide

U.S. consumer spending presses ahead; declining income poses challenge
Business

U.S. consumer spending presses ahead; declining income poses challenge

By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits.

U.S. imposes sanctions on Chinese company over abuse of Uighurs
Business

U.S. imposes sanctions on Chinese company over abuse of Uighurs

By Steve Holland and Daphne Psaledakis WASHINGTON (Reuters) - The United States intensified its economic pressure on China's Xinjiang province on Friday, imposing sanctions on a powerful Chinese company and two officials for what it said were human rights abuses against Uighurs and other ethnic minorities. The move, the latest blow to U.S.-China relations, came a week after U.S