American Airlines posts record loss of $8.885 billion in 2020.
American Airlines reported Thursday that it posted historic losses of $8.885 billion in 2020, after reporting more than $1.6 billion in profit a year earlier, due to the heavy impact of the pandemic on its operations.
See also: American Airlines extends agreement with the U.S. Treasury to receive assistance.
In operating terms, the airline lost 10.421 billion dollars, after closing 2019 with a profit of 3.065 billion, which shows the seriousness of the crisis faced by what until a year ago was a healthy business, EFE reported.
American has had to deal in 2020 with a drop in revenues of just over 62%, from 45,768 million to the 17,337 million dollars with which it closed 2020.
See also: American Airlines changes policies on emotional support animals.
However, the airline has presented savings that have allowed investors to show optimism after today’s results presentation and despite the fact that the end of the pandemic’s impact on air traffic is not yet in sight.
It also announced that it has $14.3 billion in liquidity to continue to maintain its operations and its adjustment plans.
Although we do not know when passenger demand will recover, with the vaccine progressing and restrictions being lifted, we are confident that the actions we are taking will enhance our position in the future,” said Doug Parker, chief executive officer of American Airlines.
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