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IAG swings to loss; sees demand returning to pre-pandemic levels in 2023
StockMarketWire.com
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British-airways owner International Consolidated Airlines swung to a third-quarter loss as passenger revenue slumped owing to a pandemic-fueled decline in air travel.
For the three months to September 30, pre-tax losses were €2.0 billion, compared with a profit of €1.26 billion year-on-year, as revenue fell 82.9% to €1.22 billion.
The results included an exceptional cost of €275 million, relating to employee restructuring in British Airways and Aer Lingus.
Available seat kilometres fell 78.6% and revenue passenger kilometres fell 88%.
The third quarter marked an improvement on the second quarter, partly driven by summer leisure demand, but the business continued to 'be adversely affected by volatile government restrictions and quarantine requirements,' the company said.
Looking ahead, IAG said it would take until at least 2023 for passenger demand to reach the levels of 2019.
Story provided by StockMarketWire.com
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