IAG declares operating loss of US$1.5 billion as revenue falls 83pc
INTERNATIONAL Airlines Group (IAG), which owns British Airways, Iberia and Aer Lingus, posted a third-quarter operating loss of EUR1
INTERNATIONAL Airlines Group (IAG), which owns British Airways, Iberia and Aer Lingus, posted a third-quarter operating loss of EUR1.3 billion (US$1.5 billion), with revenue plunging 83 per cent.
Nonetheless, IAG said it remains well-capitalised with liquidity of EUR 9.3 billion.
London-based IAG said layoffs and outright job cuts helped hold down operating costs in the third quarter, helping the owner of British Airways manage through a travel slump with no recovery signs on the horizon.
The airline group said it reduced cash costs by 54 per cent from previous plans, to EUR205 million a week, but declined to provide profit guidance for the full year.
IAG said it will only operate 30 per cent of its usual schedule in the three months to December 31. It has slashed about 10,000 jobs at British Airways and Aer Lingus along reducing supplier costs.