Airline and Hotel Operating and Financial Reports
Ryanair Announces €1 Billion Profit for 2020, Will Resume Flights on July 1
Ryanair announced financial results for fiscal 2020 as well as plans to restart flights.
The airline announced a profit of €1 billion ($1.08 billion) for the 2020 fiscal year, which ended March 31. It cut its annual passenger traffic target by another 20% and warned it is considering pulling out of some airports in Europe.
In addition, the airline said it would return to the skies on July 1, operating 40% of …
Air Canada to Reduce Workforce by 60%
Air Canada said late Friday that it will make at least 20,000 employees redundant in the wake of the novel coronavirus pandemic.
The cuts impact over 50% of the company’s 38,000 workers.
Earlier in the month, the airline said it lost 1.05 billion Canadian dollars ($748) in the first quarter, compared with a profit of $345 million in the same period in 2019.
“We therefore took the extremely difficult decision today to significantly …
Hyatt to Lay Off 1,300 Workers at the Corporate Level After Profit Plummets 263%
Hyatt Hotels announced plans to make 1,300 workers redundant as it embarks on a global restructuring of corporate roles.
The Chicago-based company will lay off 350 workers in that city, one-third of the total workforce there.
Hyatt cited “the historic drop in travel demand and the expected slow pace of recovery” in making the announcement.
“Our goal is to emerge from this crisis with strength, and ultimately position our business and our world-class …
Marriott Profit Plunges 92% as Bookings, Revenue per Room Fall Precipitously
Marriott International announced financial results for first quarter of 2020.
The hotelier reported that bookings plunged as the result of coronavirus-led government lockdowns that closed 25% of its properties.
“As the pandemic moved around the world, we saw global RevPAR fall sharply,” said Arne Sorensen, the company’s CEO, who added that, in April, worldwide RevPAR declined approximately 90%.
“These are extremely challenging times, but I am confident that we will be able to …
Hilton Reports $18 Million Q1 Profit Despite Coronavirus Pandemic
Hilton Worldwide announced financial results for the first quarter of 2020.
The hotelier said that, with the exception of the Asia/Pacific region, its revenue was not impacted by the coronavirus pandemic until March 2020, but it does expect the pandemic to have a negative impact on financial results going forward.
The company reported an $18 million for the quarter on $1.9 billion in revenue, an 89% drop from $159 million in the …
JetBlue Reports $268 Million Loss in First Quarter Amidst Coronavirus Pandemic
JetBlue Airways announced financial results for the first quarter of 2020 as the impact of the coronavirus first began to impact the travel industry.
The company announced a $268 million loss for the first quarter of the year, versus a $42 million profit in the same period in 2019.
Revenue in the first quarter was down 15.1% year over year. Revenue for March fell by 52% compared to the same period in …
United Airlines Posts First Quarter Loss of $1.7 Billion in ‘Worst Financial Crisis in Aviation History’
United Airlines announced financial results for the first quarter of 2020.
The Chicago-based airline recorded a loss of $1.7 billion compared to a $292 million profit in the same period in 2019. Revenue was $8 billion, down 19% year over year.
The loss was its biggest since 2008.
“We will not hesitate to make difficult decisions we believe will ensure the long term success of our company,” said the airline’s CEO, Oscar Munoz. …
