REUTERS: JetBlue Airways Corp on Thursday (May 7) posted a US$268 million quarterly loss as the coronavirus pandemic hurt air travel demand, and ...
REUTERS: JetBlue Airways Corp on Thursday posted a US$268 million quarterly loss as the coronavirus pandemic hurt air travel demand, and revised its order book with Airbus SE to save US$1.1 billion in aircraft spending through 2022.
Since cases of the novel coronavirus began accelerating in March, US air travel demand has sunk by about 95 per cent, forcing airlines to shift their focus from growth plans to parking planes and minimising their daily cash burn.While the overall number of bookings was"extremely limited," New York-based JetBlue said it believed demand had reached a floor around mid-April and it expected to have a better sense of the third and fourth quarters by early summer.
Following measures to boost its liquidity, JetBlue expects its daily cash burn to fall to just below US$10 million in May from an average of US$18 million in the second half of March, excluding government assistance under the CARES Act. The airline is set to receive US$936 million in government payroll assistance, which bans companies from reducing their workforce until Sep 30, and said it has applied for an additional up to US$1.14 billion government loan that it can draw if needed.
Revenue declined 15.1 per cent in the first quarter from a year earlier, including a 52 per cent decline in March as the pandemic hurt demand and fares.Net losses reached US$268 million for the first quarter ended March 31, compared with a profit of US$42 million a year earlier.Source: Reuters
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