International Airlines Group , which owns British airways, the U.K.’s second largest airline by passenger numbers, fell far short of analysts’ expectations on Thursday as it recorded a
of $1.5 billion in the third quarter and announced further cuts to its schedule amid a severe drop in demand for air travel.NurPhoto via Getty ImagesRevenue was down 83%, from $8.6 billion this time last year, to $1.4 billion in the three months to the end of September. IAG blamed a rise in local lockdowns for impacting bookings as several of its key markets face a surge in new infections, while it added that governments had not adopted air travel corridors or new measures to replace quarantine periods as quickly as it had hoped. of its flights at the height of the first wave of the pandemic, now says it will operate up to 30% of its 2019 capacity in the fourth quarter, lower than the 40% that they had hoped.
But the group said liquidity remains strong, adding it had raised 2.74 billion euros in early October, helping it to maintain a strong pot of cash likely totalling 9.3 billion euros .IAG previously said it does not expect passenger demand to return to pre-pandemic levels until 2023.
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