Panama airline Copa, grounded due to pandemic, reports 98% drop in revenue
This article is a summary of reporting by Reuters. Originally published August 5, 2020.
Panama-based Copa Airlines saw its quarterly revenue plunge 98% in the second quarter of 2020 after the coronavirus pandemic halted air travel across the region. The airline swung to a net loss of $386 million, compared with a $50 million profit in the same quarter of the previous year. Having suspended operations earlier in the year, the carrier dealt with severe travel restrictions implemented across Panama and Latin America. The steep decline highlighted the intense pressure placed on Latin American airlines during the earliest months of the global health crisis.
AI Summary
Panamanian carrier Copa Airlines reported a 98% revenue collapse and swung to a quarterly net loss of $386 million after pandemic groundings.
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