United Airlines suffered a $2.1 billion first quarter loss as the coronavirus pandemic hit demand amid global travel restrictions.
The third largest US carrier by revenue has since cut 80% of capacity for April and plans to run only 10% of flights in May and June.
The airline saw a $100 million daily loss of revenue in the last two weeks of March 2020.
United is seeking $5 billion state aid as part of a $25 billion US government rescue package.
The carrier said in an unscheduled trading update: “The company plans to proactively evaluate and cancel flights on a rolling 60-day basis until it sees signs of a recovery in demand.
“As previously disclosed, the company has experienced, and continues to experience, a material decline in demand for both international and domestic travel resulting from the spread of coronavirus.”
The $2.1 million loss for the three months to March 31 compared with a profit of $367 million in the same period last year.
United has $6.3 billion in cash or equivalents, including $2 billion in an untouched revolving credit facility. The airline has borrowed $2.75 billion under new secured term loan facilities.