US airlines lost $ 12 billion in second quarter

US airlines reported a combined loss of $ 12 billion in the second quarter, with revenues down 86% from the previous year and analysts expect losses to reach around $ 10 billion in the just-completed third quarter.

Delta Airlines was able to cut losses by cutting costs, including labor, as employees took early retirement packages and approved unpaid leave.

Several airlines also recently implemented mandatory job cuts and vacations that were not allowed until the end of September under the terms of the fiscal waiver approved by Congress for the industry earlier this year.

US airlines received $ 25 billion in direct aid to keep workers on payroll through the end of September, along with an additional $ 25 billion in unconditional loans.

Once the ban on involuntary layoffs ended on October 1, American Airlines cut 19,000 jobs, and United cut 13,000 more jobs.

Source: Agencies.