Southwest Q3 net loss reaches $1.2bn

Southwest Airlines has reported a third quarter 2020 net loss of $1.2bn, with operating revenue of $1.8bn, down 68.2% year-on-year, on the back of a 32.8% reduction in capacity. The airline ended the quarter with $15.8bn in available liquidity, which consists of cash and short-term investments of $14.6 billion and a fully available secured $1bn revolver. The airline still has $12 billion in unencumbered assets, including $10 billion in aircraft and $2 billion in non-aircraft assets such as spare engines, ground equipment, and real estate. Chairman and CEO, Gary C. Kelly, said that despite the loss and the continued negative