BA owner warns of €3bn loss as it pins hopes on transatlantic travel revival
British Airways’ owner, IAG, is pinning its hopes on the revival of transatlantic travel next week as it warned that pandemic disruption would drive a loss of €3bn for 2021.
IAG’s chief executive, Luis Gallego,said the reopening of the US border to foreign nationals from Monday was a “pivotal moment for our industry”.
The group, whose airlines also include Iberia and Aer Lingus, reported a €485m (£416m) loss for its third quarter, the key summer period between July and September. It was lower than expected and lower than the €1.3bn loss in the same period last year. An annual loss of €3bn would be lower than the €4.3bn loss reported in 2020.
Passenger capacity in the third quarter hit 43% of levels achieved pre-pandemic in 2019 – almost double
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