United Airlines posts $2.1 billion loss on coronavirus hit, seeks more federal aid

0 5

United  on Monday reported a $2.1 loss for first quarter as the pandemic drove travel demand down to the lowest level in decades.

The Chicago-based airline said has applied for up to $4.5 billion in government loans on top of about $5 billion federal payroll grants and loans it also expects to receive to weather the crisis.

United is the first major U.S. airline to detail the results while they are preliminary of the virus on its results in the first three months of the year. The disease and harsh measures to stop it from spreading such as stay-at-home orders has ravaged air travel demand and and prompted carriers to slash most of their flights.

United said revenue fell 17% in the first quarter from a year ago to $8 billion. On an adjusted basis, United said it had a roughly $1 billion loss in the quarter.

The airline’s shares were down more than 5% in morning trading, slightly more than other carriers.

Leave A Reply

Your email address will not be published.