Boeing has officially reported a total loss of US$11.9 billion for the financial year of 2020. This new figure is much lower as compared to the profit of US$636 million that the organisation made in the previous year. The profits in 2019 were already down because of the grounding of the Boeing 737 Max. However, the losses in 2020 have significantly outweighed the decline in profit in 2019.
The pandemic continues to have a deep impact on air travel
Boeing chief executive, Dave Calhoun said: “Last year was a year of profound societal and global disruption which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 Max grounding, challenged our results. While the impact of Covid-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business.”
The Boeing 737 Max will soon be returning to the skies in the United States and in other markets. After the FAA approved its operations, Boeing went on to deliver over forty 737 Max aircraft. Five airlines have safely and successfully returned their fleets to service since January 25.
Also Read: United Airlines Reports Net Loss Of $7.1 Billion In 2020
