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Corona Crisis continues to severely impact earnings at SWISS

Direct News Source

The actions being taken in response to the worldwide coronavirus pandemic continue to weigh heavily on the global aviation sector, including SWISS. The company reports total revenues for the first nine months of 2020 of CHF 1.54 billion, a 61.8-per-cent decline on the same period last year (1st to 3rd quarter 2019: CHF 4.02 billion1)). The operating loss increased to CHF 414.7 million (1st to 3rd quarter 2019: + CHF 489.6 million). Thanks to sizeable cost reductions and an increase in production in the summer months, the operating loss for the third-quarter period was lower than it had been in the second quarter. But with growing travel restrictions and the pandemic's current rapid spread, SWISS will be further reducing its capacities in its 2020/21 winter schedules. The operating loss is expected to further increase by the end of the year. Stable and standardized parameters are now urgently required to restore confidence in travel.

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This press release was sourced from SWISS on 05-Nov-2020.