BA and Iberia Airlines owner IAG suffers a $2.4 billion loss

Dennis Kartenkaemper

International Airlines Group (IAG), the parent company of British Airways and Iberia Airlines, narrowed their net loss in the fiscal half of 2021, but continued to struggle due to the Coronavirus pandemic.

The London-based conglomerate reported having suffered a loss after taxation of $2.4 billion in the first six months of 2021.

In the same period of 2020, IAG had reported a loss of $3.15 billion when the unprecedented pandemic had disrupted air travel. The COVID-19 pandemic slammed IAG as it was compelled to ground its aircraft globally and disrupt its operations.

“[We] continue to be adversely affected by the Covid-19 pandemic together with government restrictions and quarantine requirements,” said IAG in a statement.

Looking ahead, the company plans to operate about 45% of its capacity in the critical summer months between July and September 2021, when compared with 2019.

“In the short term, our focus is on ensuring our operational readiness, so we have the flexibility to capitalize on an environment where there’s evidence of widespread pent-up demand when travel restrictions are lifted,” said Luis Gallego, Chief Executive Officer of IAG.

Gallego meanwhile welcomed the announcement that fully-vaccinated people in the United States and European Union, except France, will be allowed to travel to England without having to quarantine on arrival.

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