Jul 30, 2021

British Airways owner IAG sets out plan to increase flights

British Airways owner IAG set out a cautious plan to increase flight numbers as travel restrictions are lifted in some markets. The airline plans to fly 45 per cent of its normal flight schedule in the third quarter to September, up from just 20 per cent in the first six months of the year. Second-quarter results from IAG showed an operating loss of €967m, bringing its losses for the first six months of the year to just over €2bn. The group has been burning through €190m in costs per week, a figure which does not take incoming revenue into account. Adjusted operating profit for the first six months was £217m, versus a £23m loss a year ago, as underlying revenue rose 17 per cent to £1.6bn. Rightmove, the classifieds site for estate agents, said it remained confident in delivering its expectations after posting an interim operating profit of £114.9m, up from £61.7m a year ago,. The defence services group said it had a turnround plan in place that did not require new equity but cautioned that the impact of Covid on current year performance remained uncertain.

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