Spanish travel booking group Amadeus said on Friday it expects to burn through 50-100 million euros a month keeping its head above water as travel restrictions remain in place to stem the COVID-19 pandemic.
The world’s biggest provider of booking services, which had available cash of 2.45 billion euros on Sept. 30, also said it expects to cut some 550 million euros ($651 million) of fixed costs in 2021 to contain the damage.
Amadeus’ travel agency air bookings tumbled 90% in the July to September period year-on-year, and the number of passengers boarded via its IT solutions business shrunk 75% as travel remained depressed in the third quarter. Passengers boarded contracted by 63.0%, to 553.2 million for the first nine months of the year.
Amadeus’ revenue came in at 418.6 million euros, down 70.1% from a year ago.