Feb 26, 2021

IAG records biggest ever loss as pandemic grounds aircraft

British Airways owner IAG has slumped to the biggest loss in its history as the coronavirus pandemic closed borders and grounded its aircraft. The airline group, which also owns Iberia, Aer Lingus and Vueling, reported a full year operating loss after exceptional items of €7.4bn, the worst since its formation ten years ago. IAG expects to fly about 20 per cent of its 2019 schedule in the first quarter of this year, and said it was focused on raising cash and cutting costs. The company's net debt stood at €9.8bn at the end of the year, up nearly 30 per cent on the previous year. Excluding these items, IAG lost €4.4bn, slightly better than analysts' expectations.

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