ANL 27.50 Decreased By ▼ -0.39 (-1.4%)
ASC 17.01 Decreased By ▼ -0.19 (-1.1%)
ASL 23.90 Decreased By ▼ -0.10 (-0.42%)
AVN 93.69 Increased By ▲ 1.49 (1.62%)
BOP 9.51 Decreased By ▼ -0.16 (-1.65%)
BYCO 9.75 Increased By ▲ 0.05 (0.52%)
DGKC 110.25 Decreased By ▼ -0.75 (-0.68%)
EPCL 47.79 Decreased By ▼ -0.23 (-0.48%)
FCCL 21.27 Decreased By ▼ -0.13 (-0.61%)
FFBL 27.41 Decreased By ▼ -0.46 (-1.65%)
FFL 18.80 Decreased By ▼ -0.20 (-1.05%)
HASCOL 14.56 Decreased By ▼ -0.06 (-0.41%)
HUBC 86.67 Increased By ▲ 2.65 (3.15%)
HUMNL 7.33 Increased By ▲ 0.26 (3.68%)
JSCL 30.94 Increased By ▲ 0.44 (1.44%)
KAPCO 41.05 Increased By ▲ 0.67 (1.66%)
KEL 4.10 Decreased By ▼ -0.01 (-0.24%)
LOTCHEM 16.25 Increased By ▲ 0.35 (2.2%)
MLCF 43.02 Decreased By ▼ -0.09 (-0.21%)
PAEL 39.90 Decreased By ▼ -0.16 (-0.4%)
PIBTL 12.61 Decreased By ▼ -0.08 (-0.63%)
POWER 11.39 Increased By ▲ 0.14 (1.24%)
PPL 94.00 Decreased By ▼ -1.80 (-1.88%)
PRL 23.99 Decreased By ▼ -0.74 (-2.99%)
PTC 9.50 Decreased By ▼ -0.14 (-1.45%)
SILK 1.26 Increased By ▲ 0.04 (3.28%)
SNGP 45.00 Decreased By ▼ -0.83 (-1.81%)
TRG 106.45 Increased By ▲ 0.60 (0.57%)
UNITY 34.18 Increased By ▲ 2.28 (7.15%)
WTL 1.13 Decreased By ▼ -0.02 (-1.74%)
BR100 4,833 Decreased By ▼ -22.35 (-0.46%)
BR30 24,693 Decreased By ▼ -86.65 (-0.35%)
KSE100 45,677 Decreased By ▼ -226.29 (-0.49%)
KSE30 19,026 Decreased By ▼ -127.11 (-0.66%)
Business & Finance

Delta Air Lines reports $12.4bn 2020 loss on pandemic hit

  • Amid depressed traffic levels, Delta's loss for all of 2020 was $12.4 billion, compared with profits of $4.8 billion in 2019.
14 Jan 2021

NEW YORK: Delta Air Lines reported another quarterly loss Thursday to conclude what its CEO called "the toughest year in Delta's history" following the hit from the coronavirus pandemic.

Amid depressed traffic levels, Delta's loss for all of 2020 was $12.4 billion, compared with profits of $4.8 billion in 2019.

The loss again highlights the brutal impact of the pandemic on commercial plane travel. However, executives are more optimistic about the year ahead thanks to Covid-19 vaccines.

"Our December quarter capped the toughest year in Delta's history," said Chief Executive Ed Bastian said in a statement.

"While our challenges continue in 2021, I am optimistic this will be a year of recovery and a turning point that results in an even stronger Delta returning to revenue growth, profitability and free cash generation."

Airlines have laid off thousands of workers and taken planes out of service in an effort to curtail costs during the prolonged downturn.

The big US carrier suffered a $755 million loss in the fourth quarter as revenues plunged 65 percent to $4.0 billion.

Delta said its cash burn in the fourth quarter was $12 million daily day, an improvement on the third-quarter daily burn rate of $24 million.

The company expects "three distinct phases" of recovery in 2021, said President Glen Hauenstein, with a "choppy demand recovery" early in the year, followed by an inflection point and then a "sustained demand recovery as customer confidence gains momentum, vaccinations become widespread and officers reopen."

Shares of Delta rose 2.9 percent to $41.60 in pre-market trading.