Delta Air Lines warned on Tuesday it will be more than two years before the industry sees a sustainable recovery from the 'staggering' impact of the coronavirus pandemic, with demand largely tracking the curve of infections in different places.
) warned on Tuesday it will be more than two years before the industry sees a sustainable recovery from the “staggering” impact of the coronavirus pandemic, with demand largely tracking the curve of infections in different places.
“We’re at a stall right now,” CEO Ed Bastian told Reuters, saying demand that built up over June for travel to places like Las Vegas, Florida or New York had suffered due to fresh cases and quarantines, while picking up to some mountain and international destinations.Atlanta-based Delta posted a $2.8 billion adjusted net loss, or $4.43 per share, for the second quarter ended June 30 as passenger revenues plummeted 94% during a season that some analysts call the worst in aviation history.
“There’s a lot of risk because it’s hard forecasting what’s going to happen with the virus,” he said. Delta had $15.7 billion in liquidity at the end of June. It has not decided whether to take a $4.6 billion secured loan under the CARES Act - available until Sept. 30 - as it eyes other options involving similar collateral, Bastian said.
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