BRITISH Airways owner IAG reports a €1.3 billion third-quarter loss after having to cut flying schedules for the rest of the year and coronavirus restrictions playing havoc with business.
The announcement of the significant loss far outweighed predictions of €920 million and highlights the major task Luis Gallego has on his hands after being appointed as IAG’s new boss in September.
The whole industry has been forced into turmoil as the Covid-19 pandemic continues to run rampant across Europe meaning most airlines have had to make some serious cutbacks to save money.
An announcement by IAG stated that it would fly no more than 30% of the capacity it flew a year earlier, which is lower than the previous guidance of 40%.
Despite the report of the major losses the company said that liquidity was strong having raised €2.74 billion from shareholders and received the funds in early October, raising its total liquidity to €9.3 billion.
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