Avianca Q3 net loss widens

Avianca has recorded a net loss of $283.5 million in the third quarter, compared with a loss of $40.1 million in the year-earlier period. The Colombian airline declared bankruptcy under U.S. Chapter 11 law in May 2020. The airline’s income fell to $206.9 million, down from $1.2 billion in the third quarter of 2019. “Avianca’s scheduled passenger operations have been affected (by the coronavirus pandemic) since mid-March, reducing its consolidated revenues by more than 73% and putting significant pressure on its cash reserves,” the company said.