According to the research data analysed and published by ForexSchoolOnline.com, Delta Air Lines’ revenue dropped by 88%. It led to a pre-tax loss of $7.01bn and a GAAP net loss of $5.7bn.
Passenger revenue plummeted by 94% to $678m while cargo revenue dropped by 42% to $108m. For H1 2020, there was a drop of 56% in operating revenue with passenger revenue shedding 60% YoY as it went from $20.62bn to $8.25bn. The total operating loss for H1 2020 was $8.37bn and there was a loss per share of $9.83.
According to Flightradar 24, global daily commercial flights dropped from 100,000 to 23,923. In April 2020, there was a year-on-year (YoY) drop of 73.6% in commercial flights, slightly improving to -71.7% in May 2020.
Research from the International Air Transport Association (IATA) echoes a similar sentiment, noting a -95% drop YoY in global air travel in April 2020. It predicted that passenger numbers would halve to 2.25bn compared to 2019. Similarly, passenger revenue would drop from $612bn in 2019 to $241bn in 2020. With airlines losing a cumulative $230m daily, airlines would see a total loss of $84.3bn. Asia Pacific will lead the industry’s losses with -$29.0bn while North America will take the second spot with -$23.1bn.
Booking, Entertainment, Airlines, Cruises/Casinos and Hotels/Resorts (BEACH) stocks are among the worst losers during the pandemic period. According to data from the Visual Capitalist, between February 19 and 24 March 2020, El Dorado Resorts was the highest loser. It lost 76% in market capitalization during the period while Norwegian Cruise Lines lost 72%. Overall, BEACH stock lost over $332bn during this one-month period.