Australian airline Qantas warned that the coronavirus outbreak could wipe $100 million off its profits, while Air France-KLM cancelled China flights and weak demand for travel reduce earnings by up to $215 million.
... [+]: Aviation has been one of the industries most impacted by the coronavirus outbreak and Air France-KLM and Qantas have revealed that the pneumonia-like virus could wipe hundreds of millions off their earnings this year.
Franco-Dutch airline Air France-KLM said the impact of lower demand and flight cancellations to mainland China until the end of March could wipe $215 million off their earnings between February and April. its flights to Shanghai and Beijing until March 15. Routes to mainland China account for more than 5% of its traffic, according toThe company’s shares were down more than 7% earlier on Tuesday, following the news.
Earlier on Thursday, Australia’s flagship carrier Qantas warned that it could lose up to $99 million in net profit in their 2020 earnings, as it has cut back onRoutes cut back include flights to Hong Kong and Singapore, as the carrier faces lower demand for travel to the region because of the potentially deadly, pneumonia-like virus.
China’s government is reportedly gearing up for a rescued plan for HNA Group that could see its flagship Hainan Airlines, and its other aviation assets sold off, according to Bloomberg. The Hainan-based travel and leisure conglomerate faced financial pressure before the coronavirus outbreak, and delayed salary payments to staff in December, as it grappled with the costs of a debt-fueled acquisition spree that included the purchase of a 25% stake in Hilton Worldwide.: Airlines were among the first economic casualties of the coronavirus, with a raft of international airlines suspending all flights to China, which was the world's third biggest aviation market.
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