EasyJet's first annual loss expected to reach $1.1 billion

UK's EasyJet revealed that its first-ever annual loss could reach $1.1 billion as it was operating at just 25 percent of its capacity.
Analysts had expected it to lose $1 billion.

EasyJet said continued travel restrictions would allow it to fly just 25 percent of its capacity for the rest of 2020, behind rival Ryanair, which is aiming for 40 percent in October.

The airline has notified the UK government that it may need more financial assistance, which CEO Johan Lundgren described as a “step up with a bespoke package of measures.”

Founded in 1995, EasyJet has never made a full-year loss.

So far, EasyJet has taken a $776 million loan from the government, cut 4,500 jobs, sold aircraft to raise $786 million, and tapped shareholders for $542 million.