IAG is more reliant on usually lucrative North America flights than most European carriers, and the company said it expects to post a 3 billion-euro (US$3.5 billion / $4.69 billion) loss for the full year. Capacity should recover to around three-fifths of the pre-coronavirus level during the current three months.
“In the short term, we are focused on getting ready to operate as much capacity as we can and ensuring IAG is set up to return to profitability in 2022,” CEO Luis Gallego said in the release.
IAG, which also owns Aer Lingus of Ireland and discounter Vueling, reported a third-quarter operating loss of 452 million euros, after analysts had predicted a 567 million-euro shortfall.
European peers Deutsche Lufthansa AG and Air France-KLM both reported surprise profits in the quarter after they were able to open faster as the European Union eased Covid restrictions even as the U.K. retained rigid curbs.
Photo: Bloomberg
