{"id":124117,"date":"2021-05-07T07:45:26","date_gmt":"2021-05-07T07:45:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=124117"},"modified":"2021-05-07T07:45:26","modified_gmt":"2021-05-07T07:45:26","slug":"british-airways-owner-iag-hit-by-e1-2bn-loss-amid-uncertain-passenger-forecast","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/british-airways-owner-iag-hit-by-e1-2bn-loss-amid-uncertain-passenger-forecast\/","title":{"rendered":"British Airways owner IAG hit by \u20ac1.2bn loss amid \u2018uncertain\u2019 passenger forecast"},"content":{"rendered":"<p>International Airlines Group reiterates need for rollout of Covid vaccine passports<\/p>\n<ul>\n<li>Coronavirus \u2013 latest updates<\/li>\n<li>See all our coronavirus coverage<\/li>\n<\/ul>\n<p>Last modified on Fri 7 May 2021 03.31 EDT<\/p>\n<p>The owner of British Airways, International Airlines Group, reported a \u20ac1.2bn pre-tax loss for the first quarter and reiterated the need for the rollout of digital vaccine passports to enable the beleaguered aviation industry to get passengers back in the skies.<\/p>\n<p>IAG said passenger capacity slumped to less than a fifth of pre-pandemic levels in the first three months of 2021, and it expects only a slight improvement in the second quarter to 25% of 2019 levels.<\/p>\n<\/p>\n<p>The airline group, which made a \u20ac1.8bn (\u00a31.6bn) pre-tax loss in the first quarter last year, said its forecast on passenger numbers remains \u201cuncertain and subject to review\u201d.<\/p>\n<p>Luis Gallego, the chief executive of IAG, said: \u201cWe\u2019re doing everything in our power to emerge in a stronger competitive position. We\u2019re absolutely confident that a safe restart to travel can happen as shown by the scientific data. We\u2019re ready to fly but government action is needed.\u201d<\/p>\n<p>Gallego called for four measures including restriction-free travel corridors between countries, \u201caffordable, simple and proportionate\u201d testing to replace quarantine, \u201ccontactless\u201d transit through airports and digital health passes and vaccine documentation.<\/p>\n<p>\u201cThese measures will enable a safe reopening of our skies,\u201d he said.<\/p>\n<p>IAG cut its weekly costs to \u20ac175m a week in the first quarter and passenger revenues plunged by 88% in the first quarter to \u20ac459m. In the same period last year, passenger revenues were \u20ac3.9bn.<\/p>\n<p>The company said its cargo operation enabled it to operate a \u201cmore extensive passenger long-haul network\u201d. IAG operated 1,306 cargo-only flights in the first three months, which generated \u20ac350m in revenue, a 42% year-on-year increase and a record for the first quarter. In the final three months of last year, IAG operated 969 cargo-only flights.<\/p>\n<p>\u201cGiven the uncertainty over the timing of the lifting of government travel restrictions and the continued impact and duration of Covid-19, IAG is not providing profit guidance for 2021,\u201d the company said.<\/p>\n<p>Source: <a href=\"https:\/\/www.theguardian.com\/business\/2021\/may\/07\/british-airways-owner-iag-hit-by-loss-amid-uncertain-passenger-forecast-covid\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Airlines Group reiterates need for rollout<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>British Airways owner IAG hit by \u20ac1.2bn loss amid \u2018uncertain\u2019 passenger forecast - 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