Avianca records losses of US$ 618 million up to September.

The Colombian airline Avianca registered a net attributed loss of 618.4 million dollars (523 million euros) between January and September, which means an increase of 9.5% of the losses with regard to the 564.4 million dollars (477.4 million euros) corresponding to the same period of the previous year, as detailed in the quarterly accounts of the company.

The ‘red numbers’ of the company are part of its current financial reorganization process under the US bankruptcy court, as a result of the impact of the pandemic on the airline industry, reported EuropaPress.

In this context, the company’s operating income fell by 60% to $1,387 million (‘1,173.4 million), with associated costs of $1,690 million (‘1,429.8 million), down 54%. Thus, the operating result went into negative territory between January and September, with 303 million dollars (256.3 million euros), a larger loss (+10%) than the 275 million dollars (232.6 million euros) in the same period last year.

Revenue from passengers fell by 60.2%, with 1,280 million dollars (1,083 million euros), while sales of its frequent flyer program for affiliates fell by 57.3%, with 106.8 million dollars (90.3 million euros).

Turnover in the North American market fell by 49.2%, with 184.3 million dollars (156 million euros); in Central America and the Caribbean it fell by 53.9%, to 177 million dollars (149.7 million euros); in Colombia sales fell by 65.8%, with 570.2 million dollars (482.4 million euros); and in the rest of South America they fell by 56.8%, to 225.8 million dollars (191 million euros).

In the third quarter of the year, Avianca’s net attributable losses reached 261 million dollars (220.8 million euros), 286% more than the 67.6 million dollars (57.2 million euros) in the same period of the previous year. Operating income between July and September was 206.9 million dollars (175 million euros), 82.8% less.

Avianca records losses of US$618 million up to September.

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