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IAG swings to $7.4 billion loss on pandemic-led hit to passenger revenue
StockMarketWire.com
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British Airways owner IAG swung to an annual loss as the pandemic-led slump in air travel triggered a sharp decline in revenue.
For the year ended 31 December, the company swung to a pre-tax loss of €7.43 billion from a profit of €2.28 billion year-on-year as revenue slumped on 69.4% to €7.81 billion.
The results reflect the 'serious' impact that COVID-19 had on its ur business, with passenger capacity down 66.5% as governments imposed lockdowns.
The company did not provide guidance, citing uncertainty over the pandemic impact, but called for international common testing standards and the introduction of digital health passes to 'reopen our skies safely.'
Story provided by StockMarketWire.com
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