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SUNDAY, JUNE 22, 2025
Britain's Heathrow sinks to $2.8 billion loss during pandemic

Global Economy

Reuters
24 February, 2021, 01:50 pm
Last modified: 24 February, 2021, 01:53 pm

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Britain's Heathrow sinks to $2.8 billion loss during pandemic

Heathrow called on the government to agree a common international travel standard to allow passengers to start flying again in the summer and to provide business tax breaks for airports to help them ride out the crisis

Reuters
24 February, 2021, 01:50 pm
Last modified: 24 February, 2021, 01:53 pm
A person goes up an escalator at Terminal 2 of Heathrow Airport, amid the coronavirus disease (COVID-19) outbreak in London, Britain February 14, 2021. REUTERS/Henry Nicholls
A person goes up an escalator at Terminal 2 of Heathrow Airport, amid the coronavirus disease (COVID-19) outbreak in London, Britain February 14, 2021. REUTERS/Henry Nicholls

Britain's Heathrow Airport plunged to a 2 billion pound ($2.8 billion) annual loss after passenger numbers collapsed to levels last seen in the 1970s during the pandemic.

Heathrow called on the government to agree a common international travel standard to allow passengers to start flying again in the summer and to provide business tax breaks for airports to help them ride out the crisis.

The airport, west of London, is hopeful that travel markets will reopen from mid-May after a government announcement on easing lockdown on Monday.

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Still Britain's biggest airport, Heathrow last year lost its title as the busiest in Europe to Paris as its flight schedules contracted more than its rival's.

The airport said on Wednesday that during 2020 passenger numbers shrunk 73% to 22 million people, with half of those people having travelled during January and February before Covid-19 shut down global travel.

The airport sunk to a 2 billion loss before tax on revenues which were down 62% to 1.18 billion pounds, but Heathrow said it had 3.9 billion pounds of liquidity and that could keep it going until 2023.

The airport is owned by Spain's Ferrovial, the Qatar Investment Authority and China Investment Corp, among others.

Top News / World+Biz

Heathrow Airport / UK / United Kingdom (UK) / airport / Economic Effect of Covid-19 / Economic Impact of Coronavirus / economic impact

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