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Autos

American Airlines posts third straight quarterly loss

FILE PHOTO: A member of a ground crew walks past American Airlines planes parked at the gate during the coronavirus disease (COVID-19) outbreak at Ronald Reagan National Airport in Washington, U.S., April 5, 2020. REUTERS/Joshua Roberts/File Photo

(Reuters) - American Airlines Group Inc AAL.O 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 $44 million per day, compared with about $58 million a day in the second quarter.

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

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

On an adjusted basis, the company lost $5.54 per share. Total operating revenue fell to $3.17 billion from $11.91 billion.

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

Reporting by Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta

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