IAG losses

International Airlines Group (IAG), which includes British Airways, Iberia, Aer Lingus and Vueling, has announced an operating loss of €2.8bn for 2021.

While still in the red, the figure is a marked improvement on the €7.5bn lost in 2020.

Passenger capacity at the group was at 58% of 2019 for the final three months of last year.  For the previous quarter it was 43% and for the full year just 36%.

Luis Gallego, IAG’s Chief Executive, said: “We are confident that a strong recovery is underway.  Our diversified business model enabled us to make the most of the recovery as individual markets were affected at different times and in different ways.”

The group expects to have flown two-thirds of 2019 capacity in quarter one of this year.

Over the full year, IAG plans to offer 85% of 2019 capacity.

Gallego said: “Premium leisure has performed strongly at both British Airways and Iberia while business travel has started to recover especially on the transatlantic routes.

“Prior to Omicron, long-haul traffic had seen the highest booking activity in October and November at over 80% of 2019 levels.

“This was driven by the re-opening of the North Atlantic corridor and the strength of long-haul leisure markets and travellers visiting families and friends.

“Demand slowed down for very near-term trips following the emergence of Omicron in late November.

“However, bookings have remained strong for Easter and summer 2022 having picked up in the New Year.”

Editor-in-Chief Malcolm Ginsberg notes that with two Boeing 777 flights daily the London – Los Angeles flights were 90% plus full last week.

www.iairgroup.com

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