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Delta post record USD12 billion loss
Delta Air Lines is banking on 2021 being a ‘year of recovery’ as it posted its first annual loss for more than a decade.
Delta reported a $12.4 billion loss on operating revenue of just $17 billion.
It was the first loss since 2009.
"We don’t anticipate that by the summer travel will be back anywhere close to where it previously was, but it will be a meaningful improvement, sufficient to be able to drive profitability for us in the back half of the year," CEO Ed Bastian told Reuters.
Operating revenue for the year was down by 64%, although it has significantly reduced its cash burn over the course of the year since the pandemic struck.
It lost $755 million in the fourth quarter.
It was losing $12 million a day in the fourth quarter but expects to break even operationally by the spring.
Delta has avoided having to furlough workers but said it has still shrunk about 20% of its workforce through voluntary resignations.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
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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