Oct 22, 2020

British Airways owner IAG slashes capacity as it slumps to loss

IAG, the owner of British Airways, has slashed its flight schedule for the rest of the year and said its operations lost more than €1bn last quarter. As a result, IAG's stable of airlines including BA, Iberia and Vueling now intend to fly just 30 per cent of last year's schedule in the final three months of the year - down from a previously planned 40 per cent. The airline conglomerate will now miss its target to break-even in terms of net cash flows from operating activities during the final quarter of the year, a measure closely watched by investors. IAG said it was still well capitalised, and had €9.3bn in total liquidity by the end of September following a €2.75bn rights issue completed last month. EasyJet will fly only 25 per cent of last year's capacity in the final three months of this year, while Ryanair plans to to fly just 40 per cent of last year's schedule between November and March.

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