US airline 2020 losses will top USD35 billion
Net losses in the US airline industry are expected to surpass $35 billion for 2020.
That would represent about 40% of global airline losses.
According to CNBC,it includes the first annual loss in decades for Southwest Airlines.
It brings to a shuddering halt a decade of big profits for the airline industry.
CNBC said major carriers have suffered large double-digit declines in share price, led by United Airlines’ 51% and 45% at American Airlines.
US airlines increased total debt by $67 billion in 2020 trade group Airlines for America said.
Servicing huge debts will weigh heavily on airlines for years to come.
Still, Delta Air Lines is cautiously optimistic and is hoping to have positive cash flow by mid-2021.
"The second phase will begin only when we reach a turning point with widely available vaccinations that spur a significant return to travel, particularly business travel," Delta CEO Ed Bastion said in a memo to workers.
Delta’s third-quarter revenues fell 76% to $3.1 billion.
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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