British Airways-parent suffers record loss on virus
LONDON, Feb 26: IAG, owner of British Airways and other European airlines, said Friday it plunged into a record annual net loss of 6.9 billion euros ($8.4 billion) as the coronavirus pandemic paralysed air travel.
IAG, which also owns Spanish airline Iberia and Ireland's Aer Lingus, said last year's huge loss after tax compared with a net profit of 1.7 billion euros in 2019.
Revenues dived almost 70 per cent to 7.8 billion euros in 2020 as government travel restrictions slashed passenger numbers.
IAG said there had been an upturn in bookings since London outlined a four-month plan last week to ease England's current lockdown and the company's shares rebounded.
"Our results reflect the serious impact that Covid-19 has had on our business," said chief executive Luis Gallego. Owing to the fallout, IAG has axed around 10,000 jobs at British Airways -- or one quarter of the carrier's workforce -- and has cut 500 positions at Aer Lingus. —AFP