United Airlines records 17% revenue drop in 1Q2020

20 April, 2020

United Airlines Holdings recorded (20-Apr-2020) USD8 billion in revenue in 1Q2020, down 17% year-on-year, including a USD1 billion adjusted pre-tax loss. The company has USD6.3 billion in liquidity as of 16-Apr-2020. Charges and losses during 1Q2020 include the following:

  • USD63 million in special charges, including USD50 million impairment on China routes;
  • USD697 million in credit loss allowance for the BRW Aviation Holding and BRW Aviation term loan and related guarantee. United assessed Avianca Holdings as having financial uncertainty, due to a high level of leverage and currently ceased operations;
  • USD319 million in investment losses, including USD293 million decrease in market value on its investment in Azul, and USD24 million decrease in in fair value on Avianca Holdings' share call options. [more - original PR]