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United Airlines posts USD2.1 billion loss on Covid-19 downturn
The Covid-19 pandemic has already cost United Airlines $2.1 billion.
It announced preliminary pre-tax first quarter revenue was down 17%.
The airline said the loss was adjusted to $1 billion as it had $1 billion in special charges.
Still, all the losses came from a single month – March, and it is warning the next two quarters will likely be worse.
United cut capacity by about 90%, with travel demand ‘essentially zero.’
United has bagged $US5 billion in relief from the US government and plans to apply for additional loans of up to $US4.5 billion to see it through the bleakest period for the travel industry ever.
Top executives at United have become increasingly despondent about a quick recovery and expect ‘no sign of improving in the near term.’
Delta Air Lines and Southwest Airlines are due to post first-quarter results this week.
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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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