Southwest posts full year loss for the first time

Southwest Airlines has reported a fourth quarter net loss of $908 million, and a full year 202 net loss of $3.1bn. Fourth quarter 2020 total operating revenues decreased 64.9% to $2bn, as a result of continued negative impacts to passenger demand and bookings due to the pandemic. Fourth quarter 2020 operating revenue per ASM (RASM, or unit revenues) was 8.48 cents, a decrease of 40.8%, primarily driven by a load factor decline of 29.3 points and a passenger revenue yield decrease of 18.7%. Annual 2020 total operating revenues decreased 59.7%, year-over-year, to $9bn. Annual 2020 RASM was 8.75 cents, a