EasyJet flies into third straight annual loss

LONDON

British airline EasyJet yesterday confirmed a third annual loss in a row, which was however far less than during the worst of the COVID pandemic.    

The airline, which flies mainly across Europe, posted a loss after tax of 169 million ($203 million) for its financial year to the end of September.    

That compared with a net loss of 858 million in 2020/21, EasyJet added in a statement.    

The COVID pandemic ravaged global aviation, grounding planes worldwide and forcing airlines to slash thousands of jobs in 2020.    

Demand has recovered sharply after most lockdowns were lifted. However, airlines and airports are struggling to recruit sufficient staff after having axed so many positions.    

“EasyJet has achieved a record bounce back this summer,” chief executive Johan Lundgren said in the statement.    

He added that during the current “tough” economic climate, consumers would still look to go on holiday but seek out value, helping the no-frills carrier to do better than more established rivals.    

“Legacy carriers will struggle in this high-cost environment,” Lundgren said.

Separately, EasyJet and aircraft engine maker Rolls-Royce said on Nov. 28 they had successfully tested a hydrogen-powered aircraft engine, in what the British companies described as a world first for aviation.

Green hydrogen is widely seen as better for the environment than jet fuel.

In a joint statement, the companies said they had “set a new aviation milestone with the world’s first run of a modern aero engine on hydrogen”, in a test carried out on land this month.