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American Airlines posts third straight quarterly loss

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American Airlines reported a third straight quarterly loss on Thursday, hurt by a slump in travel globally due to the Covid-19 pandemic.

[TEXAS] American Airlines reported a third straight quarterly loss on Thursday, hurt by a slump in travel globally due to the Covid-19 pandemic.

The company said its third-quarter cash burn rate was about US$44 million per day, compared with about US$58 million a day in the second quarter.

The airline industry, hard-hit by the virus outbreak has so far failed to secure another US$25 billion bailout to help protect jobs and cover payroll costs.

The company posted a net loss of US$2.40 billion, or US$4.71 per share, in the third quarter ended Sept 30, compared with a profit of US$425 million, or 96 US cents per share, a year earlier.

On an adjusted basis, the company lost US$5.54 per share.

Total operating revenue fell to US$3.17 billion from US$11.91 billion.

American Airlines ended the third quarter with US$13.6 billion in available liquidity.

REUTERS

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