British Airways’ parent company, International Airlines Group (IAG), suffered a further loss of €452m (£383m) between July and September this year. But the chief executive told investors: “A significant correction is underway.”
For the first nine months of the year, the group lost €2.49bn (£2.13bn), less than half the losses for the same spell in 2020.
Chief Executive, Luis Gallego, said: “The reopening of the transatlantic travel corridor from Monday is an important moment for our industry.
“British Airways is serving more US destinations than any transatlantic carrier and we are delighted to be able to fly our customers again.
“A significant improvement is underway and our teams across the group are working hard to take advantage of every opportunity. We continue to capitalize on the jump in bookings when travel restrictions are lifted.
“All our airlines have shown improvement. Q3. In [July-September]Our operating cash flow was positive for the first time since the start of the pandemic and our liquidity is higher than ever. ,
He added that long-haul traffic is recovering faster than short-haul: “Premium leisure is performing strongly in both Iberia and British Airways and there are early signs of improvement in business travel.”
But British Airways lags behind the group’s Spanish airlines, Iberia and Vueling. Iberia returned to profitability in the summer, while low-cost airline Vueling “reached breakeven at the operating level”.
Passenger capacity doubled for the third quarter of 2021 compared to the previous three months, but remained well below half the level in 2019 at 43.4 percent.
Between October and December, capacity is expected to rise to 60 percent of pre-pandemic levels, an average of 37 percent for the full year.
Mr. Gallego said: “In the short term, we are focused on being ready to operate as much capacity as possible and ensuring that IAG is established to return to profitability in 2022. This includes our new short at Gatwick. -Includes initiatives such as the Hall Operation, the expansion of Vueling in Paris-Orly [and] Aer Lingus services from Manchester to the US and the Caribbean.
For the full year, IAG expects an operating loss of €3bn (£2.6bn).
Credit: www.independent.co.uk /