Coronavirus: Heathrow announces pre-tax loss, 97 per cent drop in passengers
London’s Heathrow Airport predicts a fall of 97 per cent in passengers for April and announced a pre-tax loss for the first quarter of 2020.
London’s Heathrow Airport predicts a fall of 97 per cent in passengers for April as it announced a pre-tax loss for the first quarter of 2020 due to the coronavirus pandemic.
The airport – jointly owned by the Qatar Investment Authority, China Investment Corporation, Spain’s Ferrovial SA, and other investment companies – said it had reduced costs by around 30 per cent; it has cut management pay, renegotiated all contracts and consolidated operations.
Heathrow said its pre-tax loss was £278m compared with a pre-tax profit of £132m for the first quarter of 2019.
Revenue for the first quarter was £593m compared with £679m in the same period of the previous year. The airport said capital expenditure has been cut by £650m.
Heathrow said passenger numbers fell 18.3pc in the quarter to 14.6 million and that it expects a fall of around 97pc for April.
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