Avianca Posts Operating Loss in First Quarter

According to its financial report covering the first quarter of 2019, Avianca
posted a $68 million USD operating loss. Unfavorable currency exchange rates between the Colombian Peso and US Dollar exacerbated the airline group’s financial woes.

To salvage its financial situation, the airline cut routes to four US cities, deferred deliveries of 35 aircraft, and cancelled its order for seventeen Airbus A320neo planes.

The airline group, based in Bogotá, Colombia, includes subsidiaries in nine Latin American nations. Its Brazilian subsidiary filed for bankruptcy protection in December 2018.

Source: Simple Flying