Delta reports $5.4 billion net loss in third quarter

Delta Airlines by Colin Brown Photography is licensed under CC BY 2.0

Oct. 13 (UPI) — Delta Air Lines announced Tuesday a net loss of $5.38 billion in the third quarter, or a $6.9 billion pre-tax loss, and said improvements in customer traffic that could signal a slow turnaround for the carrier.

The company’s loss compared with a $1.5 billion profit during the same period a year ago. Revenue for the quarter was $3.06 billion, down 75.6% from the same period a year ago, the company reported.

Delta reported that $4 billion of its losses were directly due to COVID-19 and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees.

“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” Delta Chief Executive Officer Ed Bastian said in a statement.

Delta Airlines by Colin Brown Photography is licensed under CC BY 2.0