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Airbus reports €1.1 billion in losses due to COVID-19 pandemic

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By Lauren Chadwick  & Farah Gomaa
An Airbus 330 plane transporting coronavirus vaccines in Hungary. February 2021
An Airbus 330 plane transporting coronavirus vaccines in Hungary. February 2021   -   Copyright  Zoltan Mathe/MTI via AP

Airbus lost €1.1 billion in revenues due a slump in global travel amid the COVID-19 pandemic in 2020, the company said its 2020 full-year results.

CEO Guillaume Faury said on Thursday that the company's aircraft deliveries were "far lower" than what they had expected this year due the the pandemic, which caused airlines to ground planes amid travel restrictions.

"Global air traffic reached a low point in April 2020 at the peak of the COVID pandemic, it has recovered very slowly since and at very different paces between regions,” Faury said at a press conference.

"We continue to operate in a complex and changing environment which we expect to continue to impact our business and create uncertainties," he said.

In a press release, Faury said the results showed the company's " the most challenging crisis to hit the aerospace industry."

Company revenues decreased in 2020 to €49.9 billion compared with €70.5 billion in 2019.

"Needless to stress what a challenging and extraordinary year 2020 has been for the civil aerospace industry and this is of course also reflected in our financial statement," said Dominik Asam, the Chief Financial Officer of Airbus.

Airbus announced at the end of June that it would cut 15,000 jobs due to the pandemic, reducing its workforce by 11%.

The company said in a statement that 566 commercial aircraft were delivered in 2020. It took in a mere 268 aircraft orders in 2020, down from 768 in 2019.

"The delivery number demonstrates the balancing of production and deliveries as the year progressed," Faury said.

This article has been updated with quotes from the CEO and CFO of Airbus.

Additional sources • AP