UK’s Gatwick Airport posts 321 million pound loss as passenger numbers collapse

Gatwick Airport, Britain’s no.2 airport, said the pandemic had pushed it to a 321 million pound ($426 million) loss in the first six months of 2020 on passenger numbers which collapsed 66%.

The airport, owned by VINCI Airports and Global Infrastructure Partners and located south of London, announced earlier this week it needed to cut 600 jobs to prepare for a smaller travel industry, and said it had reduced operational costs by only using one terminal.

Traffic levels will not recover for four to five years, Gatwick forecast on Friday, adding that it had held talks with its banks and bondholders over the impact on its financial covenants.