Spanish airport operator Aena said on Wednesday it sees no sign of a rapid recovery in passenger numbers after it made a net loss in the first nine months of this year.
Aena posted a net loss of 107.6 million euros ($127.2 million) over the first nine months compared with a net profit of 1.11 billion euros in the same period a year ago as the number of passengers passing through its airports fell 69%.
The company said the current crisis led it to halt planned investments, to cost cuts by more than 250 million euros in the second and third quarters and to grant price incentives to airlines to land at its airports.
Airport activity came to a virtual standstill in the second quarter after most governments imposed lockdowns and bans on travel abroad to curb the COVID-19 pandemic. A second wave of contagions at the end of summer led to new restrictions that are denting Aena’s business.
“The current circumstances show no signs of recovery of short-term traffic, hence it is not possible to forecast when the recovery will begin,” Aena said in a statement.