SHARE
COPY LINK

TRAVEL

Spain’s AENA, world’s biggest airport operator, flies into the red

Spain's AENA, the world's biggest airport operator by passenger numbers, said Wednesday it plunged into the red last year as the coronavirus pandemic decimated the travel sector worldwide.

Spain's AENA, world's biggest airport operator, flies into the red
Photo: AFP

The company posted a net loss of nearly €127 million ($154 million) in 2020, its first since 2012. Analysts polled by Factset had forecast a loss of €205 million.

It handled 76 million passengers at the 46 airports which it manages in Spain last year, compared to over 275 million in 2019, the company said in a statement.

In addition to the airports it manages in Spain, AENA has direct and indirect shares in another 23 airports, including London Luton.

The rest are mainly in Latin America.

“There are no signs of a recovery in the short term due to the new wave of virus infections which is spreading in Europe and the different restrictions” on travel that have been put in place, the statement added.

AENA — which is 51 percent owned by the Spanish government — recorded revenues of €2.2 billion last year, a 50.2 percent drop compared to 2019.

The pandemic has pulverised Spain's key tourism industry with international arrivals dropping to 19 million in 2020, down from nearly 84 million the previous year.

The 77.3 percent decrease snapped a seven-year trend of annual records and ended a decade-long run of yearly increases.

READ MORE:

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

ECONOMY

Spain’s middle-class youngsters the most likely to end up poor across all EU

Spain leads the ranking of EU countries with the highest risk of young people ending up in poverty as adults, despite coming from families without economic difficulties.

Spain is the fourth EU country with the highest inherited poverty
Spain is EU country with most middle-class young people who end up poor. Photo: Jaime ALEKOS / AFP

Spain is also the fourth EU country with the highest rate of inherited poverty risk, according to Eurostat, the EU Statistical Office.

Data on intergenerational poverty indicates that there is a correlation between the financial situation of the household you grew up in and the risk of being poor when you reach adulthood and in Spain, there is a strong link. 

The latest statistics available from 2019 show that the at-risk-of-poverty rate for the EU was 23 percent among adults aged 25 to 59 who grew up in a poor financial situation at home when they were 14 years old. This is 9.6 percentage points more than those who come from families without financial problems (13.4 percent). 

READ ALSO: Spain’s inflation soars to 29-year high

How the situation in Spain compares with the EU

Spain has become the EU country with the highest risk of poverty among adults who grew up in families with a good financial situation  – 16.6 percent.

This was followed by Latvia with 16 percent and Italy with 15.9 percent.

That statistics also show the countries where it is less likely to be poor after growing up in households without economic difficulties. These include the Czech Republic (5.9 percent), Slovakia (7.9 percent) and Finland (8.5 percent).

The overall poverty rate in the EU decreased by 0.1 percentage points between 2011 (13.5 percent) and 2019 (13.4 percent), but the largest increases were seen in Denmark (1.9 points more), Portugal (1.8 points), the Netherlands (1.7 points) and Spain (1.2 points).  

On the other hand, the biggest decreases in the poverty rate were seen in Croatia (-4 percent), Lithuania (-3.6 percent), Slovakia (-3.5 percent) and Ireland (-3.2 percent).

READ ALSO: Spain’s government feels heat as economic recovery lags

Inherited poverty

The stats revealed that Spain was also the fourth country with the highest rate of inherited poverty risk (30 percent), only behind Bulgaria (40.1 percent), Romania (32.7 percent) and Italy (30.7 percent).

This means that children of poor parents in Spain are also likely to be poor in adulthood. 

The countries with the lowest rate of inherited poverty risk were the Czech Republic (10.2 percent), Denmark (10.3 percent) and Finland (10.5 percent).

The average risk-of-poverty rate for the EU increased by 2.5 percentage points between 2011 (20.5 percent) and 2019 (23 percent), with the largest increases seen in Bulgaria (6 points more), Slovakia and Romania (4.3 points), Italy (4.2 points) and Spain (4.1 points).

The biggest drops were seen in Latvia (-8.5 points), Estonia (-8.0 points) and Croatia (-2.3 points). 

The largest gaps in people at risk of poverty when they reach adulthood were in Bulgaria (27.6 percentage points more among those who belong to families with a poor economic situation as teenagers compared to those who grew up in wealthy households), Romania (17.1), Italy (14.8), Greece (13.5) and Spain (13.4).

SHOW COMMENTS