Virus has been ‘very devastating’ for many African airlines
KAMPALA, Uganda (AP) — African airlines had been piling on debt long before the pandemic but government bailouts allowed them to limp on for years. Now the financial crisis may make it harder for some to survive. Questions swirl over the financial wisdom of sustaining prestige airlines that have a tiny share of an aviation market that sees no recovery in sight. Even Ethiopian Airlines, Africa’s only profitable airline in recent years, has signaled distress with revenue losses of up to $550 million between January and April. As a survival measure, the airline has thrown itself into cargo operations.