Matt Atlas

Airbus Lost €1B Amid Pandemic

Airbus reported an operating loss of 510 million euros in 2020 due to the covid-19 pandemic after gaining 1.3 billion euros in the previous year. The company announced it today.

The company’s revenues fell by 29 percent to 49.9 billion euros last year. Operating profit excluding extraordinary items fell 75 percent to 1.7 billion euros. This year, the company expects to increase it to at least two billion euros.

Airbus has previously announced that it delivered 566 aircraft to customers last year, 34 percent less than in the previous record year. This year, the company intends to deliver at least the same number of aircraft as the previous year.

“In 2021, several uncertainties remain in our industry as the pandemic continues to affect people’s lives, the economy, and society,” said Guillaume Faury, the company’s chief executive.

The coronavirus crisis has led to a drastic reduction in air traffic, which has reduced demand for new aircraft. At the end of last June, Airbus announced that it would cut around 15,000 jobs in one year, over ten percent of its total workforce.