British low-cost airline, EasyJet says it will make a loss of about £800million ($1.033billion) in 2020. This is the first time EasyJet will publish such a loss in over two decades since it was established.
The airline claims losses after tax incurred will be between £815m and £845m, missing analysts estimates of £794m.
EasyJet has made structural changes and expects to fly at just 25% of normal capacity into next year.
In an effort to reduce costs and restructure, the company announced in May it will cut its workforce as the coronavirus continues to weigh on the tourism industry.
The British low-cost airline said it was looking to cut employee numbers by 30% to reflect its reduced airplane fleet and “improved productivity,”.
The low cost airline statement said it would “continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise”.
EasyJet has also called on the British government to provide airlines with a bespoke package of support measures urgently, warning that aviation is facing the most severe threat in its history.