Jet2 Reveals Coronavirus Loss Of £ 109 Million As Employees Take Pay Cuts

April 27, 2020

After the coronavirus pandemic, Jet2 is expected to incur a cost of £ 109 million after the flight is grounded.

Although the holidays starting from June 17 are still on sale, all operations of airlines and travel agencies are currently suspended for an indefinite period of time.

In the long run, the company said it cannot assess the costs associated with Covid-19 because the impact and duration of the pandemic are still difficult to determine.

Jet2 said that in order to take full advantage of the government-provided coronavirus job retention program provides subsidies, 80% of British employees have taken temporary leave.

From now until September, all employees including directors will also receive a 30% salary reduction.

In response to the reduction in flights, the company also canceled all 12 third-party leased aircraft that were only sold during the summer.

From a more positive perspective, Jet2 said that in the fiscal year ended March 31, it realized profits of 265-270 million pounds, an increase of 49% over the previous year.

Jet2 said that customers are still making reservations in late summer and winter this year, and the encouraging number is to choose to rebook rather than cancel.