Cautious outlook
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IAG posts 1.14 billion euro first quarter loss

British Airways Airbus A350-1000
British Airways Airbus A350-1000, © Airbus

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LONDON -  IAG reported a 1.14 billion euro loss for the first three months of 2021 on 20 percent of normal capacity. The airline group will maintain its tight capacity management until summer budgeting only a small increase to 25 percent for the April-June quarter as travel restrictions hit demand.

In the first quarter IAG reported an operating loss of 1,135 million euro before exceptional items compared to an operating loss of 535 million last year.

"We’ve acted decisively to build resilience by boosting liquidity and reducing our cost base," said IAG CEO Luis Gallego. IAG liquidity increased to 10.5 billion euro.

"Cargo has enabled us to operate a more extensive passenger longhaul network," Gallego said. "In addition, we operated 1,306 cargo-only flights and generated €350 million in revenue, a record for quarter 1. We’re taking all necessary actions to ensure the financial health of our business for the long-term."

Gallego remained cautious about the outlook as travel restrictions still take a toll on passenger demand.
© | Image: British Airways | 07/05/2021 08:40

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