Airline conglomerate IAG announces huge losses in wake of pandemic – dpa international

dpa

DUBLIN — International Airlines Group (IAG), which counts British Airways and Iberia among its subsidiaries, on Friday announced a 55.7 per cent drop in revenue and losses of 3.8 billion euros (4.5 billion dollars) for the first half of 2020. Total revenues across the IAG’s fleets, which also include Ireland’s flagship airline Aer Lingus and low-cost carrier Vueling, fell from 12.02 billion euros to just over 5.3 billion euros, IAG said in a statement. IAG attributed the losses to the novel coronavirus, which it described as having “a devastating impact on the global airline and travel sectors.” After the World Health Organization in March declared the outbreak a pandemic, countries across Asia, Europe and North America imposed travel restrictions that in some cases included border closures. “As a result of government travel restrictions, quarter 2 passenger traffic fell by 98.4 per cent on a capacity reduction in the quarter of 95.3 per cent,” IAG said in its statement.