Net losses at Colombia's Avianca up 22% in 2020
Net losses at airline Avianca Holdings increased 22% to $1.09b in 2020, due to the near-paralysis of global air travel because of COVID-19, the company said on Monday. The airline, which is carrying out a restructuring process under the U.S. Chapter 11 bankruptcy law, had losses of $894m in 2019. Operations contracted 74% year-on-year, the airline said in a filing to Colombia’s financial regulator, while operating income was down to $1.71b, from $4.62b in 2019. Keeping passenger planes grounded due to coronavirus meant Avianca reduced its costs to $2.3b in 2020 from $5.17b the year before. Passenger numbers fell 74% to 7.9m, the company said, and 33% of income was provided by $556m in earnings from its cargo business.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-03-30/star/net-losses-at-colombias-avianca-up-22-in-2020
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Net losses at Colombia's Avianca up 22% in 2020
Net losses at airline Avianca Holdings increased 22% to $1.09b in 2020, due to the near-paralysis of global air travel because of COVID-19, the company said on Monday. The airline, which is carrying out a restructuring process under the U.S. Chapter 11 bankruptcy law, had losses of $894m in 2019. Operations contracted 74% year-on-year, the airline said in a filing to Colombia’s financial regulator, while operating income was down to $1.71b, from $4.62b in 2019. Keeping passenger planes grounded due to coronavirus meant Avianca reduced its costs to $2.3b in 2020 from $5.17b the year before. Passenger numbers fell 74% to 7.9m, the company said, and 33% of income was provided by $556m in earnings from its cargo business.<br/>
