Coronavirus: Top airlines have already lost $110bn in 2020
The world’s top airlines have lost a whopping $110b in revenue so far this year, including IAG, Air France and American Airlines, due to travel restrictions resulting from the coronavirus pandemic, financial educational firm StockApps said. “Massive cancellations of flights to control the spread of the virus led to huge drops in airline passenger revenues and caused staggering losses to the world's largest airline companies,” the firm said. IAG witnessed a $14.9b revenue loss between January and September. The financial report of the airline holding company showed passenger capacity in Q3 plunged 78.6% year-on-year, and 64.3% for the period of nine months. Lufthansa reported a $10.6b revenue loss in the first half of 2020. After laying off 8,300 employees between January and March, its H1 2020 financial statement confirmed that 22,000 more are to follow. Air France suffered a $20.4b year-to-date revenue loss. July and August were relatively strong in terms of traffic compared to a disappointing September affected by restrictive travel measures. Statistics indicate the combined revenues of the three largest European airlines crashed by $45.9b since the beginning of the year. US airlines were hit even worse. Story has detail.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-11-05/general/coronavirus-top-airlines-have-already-lost-110bn-in-2020
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Coronavirus: Top airlines have already lost $110bn in 2020
The world’s top airlines have lost a whopping $110b in revenue so far this year, including IAG, Air France and American Airlines, due to travel restrictions resulting from the coronavirus pandemic, financial educational firm StockApps said. “Massive cancellations of flights to control the spread of the virus led to huge drops in airline passenger revenues and caused staggering losses to the world's largest airline companies,” the firm said. IAG witnessed a $14.9b revenue loss between January and September. The financial report of the airline holding company showed passenger capacity in Q3 plunged 78.6% year-on-year, and 64.3% for the period of nine months. Lufthansa reported a $10.6b revenue loss in the first half of 2020. After laying off 8,300 employees between January and March, its H1 2020 financial statement confirmed that 22,000 more are to follow. Air France suffered a $20.4b year-to-date revenue loss. July and August were relatively strong in terms of traffic compared to a disappointing September affected by restrictive travel measures. Statistics indicate the combined revenues of the three largest European airlines crashed by $45.9b since the beginning of the year. US airlines were hit even worse. Story has detail.<br/>
