By Oliver Griffin BOGOTA, Nov 13 (Reuters) - Avianca Holdin
By Oliver Griffin
BOGOTA, Nov 13 (Reuters) – Avianca Holdings’ AVT_p.CN third-quarter internet loss widened considerably following a considerable fall in earnings because of the affect of the coronavirus pandemic, the Colombian flagship airline reported.
The airline – which went into restructuring after declaring chapter underneath U.S. Chapter 11 legislation in Might – recorded a internet lack of $283.5 million within the third quarter, in contrast with a lack of $40.1 million within the year-earlier interval.
Revenue in the course of the three months ended Sept. 30 fell to $206.9 million, down from $1.2 billion within the third quarter of 2019, it stated in an announcement late on Thursday.
“Avianca’s scheduled passenger operations have been affected (by the coronavirus pandemic) since mid-March, decreasing its consolidated revenues by greater than 73% and placing vital stress on its money reserves,” the corporate stated.
Avianca grounded all its passenger flights in March after its primary hubs in Colombia, El Salvador, Ecuador and Peru all shut down air site visitors as a part of measures to sluggish the unfold of the coronavirus.
Colombia’s flagship airline has a fleet of 158 planes and 19,000 workers. It has routes to 76 locations in 27 international locations within the Americas and Europe. It carried 30.5 million passengers in 2019, producing $4.6 billion in gross sales.
(Reporting by Oliver Griffin; modifying by Jonathan Oatis)
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