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aviationJanuary 21, 2021

United Airlines remains deep in the red, predicts weak start to 2021


New York, Jan. 21 (BNA): The coronavirus pandemic delivered US airline United Airlines another major loss at the end of 2020.

The three months to the end of December closed with a net loss of 1.9 billion dollars, the company announced in Chicago on Wednesday after the close of US stock market trading for the day, Deutsche press agency (dpa) reported.

A year ago, the company recorded a profit of 641 million dollars. Revenue slumped 69 percent to 3.4 billion.

First quarter estimates for 2021 weren't optimistic either, with the company expecting to be down 65-70 percent on 2019 earnings for the same period.

With the pandemic bringing most air travel to a halt, full-year results also showed major losses. United suffered a 7.1-billion-dollar loss in 2020, after earning 3 billion dollars the previous year. Revenue fell 65 percent to 15.4 billion dollars.

The annual report was lower than market expectations, and shares dipped into the negative after markets closed.

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