15 hours ago
International Airlines Group has reported a loss of €1 billon for the first quarter of 2021 as airlines struggle against government restrictions on travel.
The figure compared to a loss of €1.9 billion for the same period last year, at the height of the Covid-19 pandemic in Europe.
The group, however, said it had €8 billion in cash on hand at the end of March.
IAG is currently flying around one fifth of the capacity it offered in earl 2019, with an expectation that this will increase to around 25 per cent over the second quarter.
Announcing the results, Luis Gallego, IAG chief executive, called on government to safely reopen travel.
First published on Fri 7 May 2021 03.30 EDT
The owner of British Airways, International Airlines Group, racked up a loss of â¬1.2bn over the first three months of this year and has repeated its call for the rollout of digital vaccine passports to enable the beleaguered aviation industry to get passengers back in the skies.
IAG said passenger capacity slumped to less than a fifth of pre-pandemic levels in the first quarter of 2021, and it expects only a slight improvement in the second quarter to 25% of 2019 levels.
The airline group â which also owns Vueling, Aer Lingus and Iberia â made a â¬1.8bn (£1.6bn) pre-tax loss in the first quarter last year, said its forecast on passenger numbers remains âuncertain and subject to reviewâ.
More travel executives get their mission-critical industry news from Skift than any other source on the planet.Tell me more
Corporate restructurings seem to be in the air in Europe with International Airlines Group placing Aer Lingus on notice amid what executives call Europe’s most “stringent” travel restrictions in Ireland.
IAG is “considering the necessary steps we need to take” for Aer Lingus to “survive,” said group CEO Luis Gallego during the first quarter earnings call on Friday. His implication was that further cost cuts for example layoffs or fleet reductions could be necessary at the Irish carrier if travel restrictions remain in place.
COVID-19: BA owner lists four priorities for travel restart as losses ease iwradio.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iwradio.co.uk Daily Mail and Mail on Sunday newspapers.
IAG to operate India relief flight
IAG Cargo, the cargo division of International Airlines Group (IAG), and its sister company British Airways will operate a relief flight to India transporting 27 tonnes of medical aid as the humanitarian crisis in the country worsens.
The B777-200 will be loaded with emergency aid to Delhi to support the Indian government as the country continues to battle rising Coronavirus cases, with dwindling oxygen supplies.
A special project team was formed to organise the flight, which is due to leave London Heathrow on Wednesday May 5 at 5pm (BA257F), landing in Delhi at 5.45am (local time) on Thursday May 6, loaded with more than a thousand items from the High Commission of India and charities including Khalsa Aid International and the largest Hindu Temple outside India, BAPS Shri Swaminarayan Mandir, in Neasden.