American writes off cash trapped in Venezuela
American Airlines has written off more than half a billion dollars in revenue stuck in Venezuela because of currency controls. American said it will include a US$592m special charge in the just-ended Q4 "due to continued lack of repatriations and deterioration of economic conditions in Venezuela." The South American country had compelled carriers to sell tickets in bolivars but made converting the sales into US dollars difficult. Globally, airlines have around US$3.7b trapped in Venezuela as a result of its 12 year currency control system, IATA said in June. American also said it continues to expect a pre-tax margin between 12 and 14% for Q4, excluding special items. It continues to expect that passenger unit revenue fell by between 5 and 7% in the quarter from a year earlier. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-01-13/oneworld/american-writes-off-cash-trapped-in-venezuela
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American writes off cash trapped in Venezuela
American Airlines has written off more than half a billion dollars in revenue stuck in Venezuela because of currency controls. American said it will include a US$592m special charge in the just-ended Q4 "due to continued lack of repatriations and deterioration of economic conditions in Venezuela." The South American country had compelled carriers to sell tickets in bolivars but made converting the sales into US dollars difficult. Globally, airlines have around US$3.7b trapped in Venezuela as a result of its 12 year currency control system, IATA said in June. American also said it continues to expect a pre-tax margin between 12 and 14% for Q4, excluding special items. It continues to expect that passenger unit revenue fell by between 5 and 7% in the quarter from a year earlier. <br/>
