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American takes a half billion dollar hit on revenue trapped in Venezuela
Monday, 13 Jan, 2016
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Announcing its fourth quarter results, American Airlines said it is writing off more than half a billion dollars in revenue currently trapped in Venezuela because of ongoing currency restrictions.
It posted $592 million as a special charge for the fourth quarter ‘due to continued lack of repatriations and deterioration of economic conditions in Venezuela,’ American said.
According to the International Air Transport Association there is about $3.7 billion owed to foreign carriers still being held in the country.
American reported an increase of 1.5% in passenger traffic for December to a record 18.3 billion passenger miles at a load factor of 81.6%.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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