Revenue at airline Avianca falls 51% through early June on coronavirus

Passenger revenue at Avianca Holdings has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken on the company. Avianca was the first airline in the region to file for bankruptcy protection, after the coronavirus added financial strain to the already weak carrier. The revenue figure shows just how bad Q2 results are likely to be for Latin America's airlines. Results published so far only accounted for about two weeks worth of coronavirus lockdowns in late March. For example, Avianca's top rival, LATAM Airlines Group, had a drop in revenue of only 7% during the first three months of the year. Avianca has not flown any regularly scheduled passenger flights since late March, when its main hubs in Colombia, El Salvador, Ecuador and Peru all shut down at the same time. Those countries remain closed and it is unclear when Avianca will be able to fly again. Avianca has not yet published its Q1 results, which the airline said it would release by June 15. <br/>