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  • London's Heathrow Airport said Thursday that Covid-induced losses have hit £2.4 billion ($3.3 billion, 2.8 billion euros) since the start of the pandemic last year. Despite remaining one of the world's largest airports, Heathrow was last year overtaken by Paris Charles de Gaulle as Europe's top hub in terms of passenger numbers -- blaming its relegation on delayed coronavirus testing and travel restrictions. The airport, which has been savaged by the collapse in international air travel, revealed the extent of the damage from the pandemic after posting a loss of £329 million for the three months of this year. That compared with £41-million loss in the first quarter of 2020, when the deadly Covid-19 crisis began to erupt and ground planes worldwide. The £2.4 billion figure represents total losses since March 2020. Passenger numbers plunged to just 1.7 million people in the first quarter at the hub, which is located to the west of the British capital. That marked a 91-percent collapse from the same period two years ago. Cargo volumes meanwhile dived 23 percent in the quarter compared with 2019. "These results show how Covid has devastated the aviation sector and British trade," said Heathrow chief executive John Holland-Kaye. Britain is meanwhile undertaking a phased re-opening of the economy on the back of its speedy vaccination drive. Prime Minister Boris Johnson's plan to exit England's lockdown does not however anticipate a return to international air travel until May 17 at the earliest. "Restarting international travel from May 17 will help to kickstart the economic recovery, allowing exporters to get their goods to market, as well as reuniting families who have been separated for over a year," added Holland-Kaye on Thursday. "Heathrow is gearing up for the recovery. By acting early to cut costs and protect cash, we have put ourselves in a strong financial position to weather the storm and are ready to welcome back passengers, while keeping them safe." Britain's biggest airport is owned by a consortium led by Spanish construction giant Ferrovial. It also includes sovereign wealth funds from China, Singapore and Qatar as well as North American shareholders. rfj/lth
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  • London Heathrow Airport says Covid losses hit £2.4bn
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