Colombian airline Avianca Holdings Q3 net loss widens on falling income

Avianca Holdings' Q3 net loss widened significantly following a substantial fall in income due to the impact of the coronavirus pandemic, the Colombian flagship airline reported. The airline - which went into restructuring after declaring bankruptcy under US Chapter 11 law in May - recorded a net loss of $283.5m in Q3, compared with a loss of $40.1m in the year-earlier period. Income during the three months ended Sept. 30 fell to $206.9m, down from $1.2b in Q3 2019, it said late on Thursday. “Avianca’s scheduled passenger operations have been affected (by the coronavirus pandemic) since mid-March, reducing its consolidated revenues by more than 73% and putting significant pressure on its cash reserves,” the company said. Avianca grounded all its passenger flights in March after its main hubs in Colombia, El Salvador, Ecuador and Peru all shut down air traffic as part of measures to slow the spread of the coronavirus.<br/>