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IAG Reports Weak Revenues, Capacity, Traffic In Q3; Adjusts Capacity Outlook For Q4

International Consolidated Airlines Group S.A. (IAG.L) reported Thursday that its third-quarter total revenue declined 83 percent to 1.2 billion euros from last year's 7.3 billion euros.

Operating result before exceptional items was 1.3 billion euros loss, compared to 1.4 billion euros profit last year.

Passenger capacity, expressed in available seat kilometres, declined 78.6 percent in the quarter.

Passenger traffic, measured in terms of revenue passenger kilometres, declined 88.0 percent. Seat load factor fell 38.8 points to 48.9 percent.

Looking ahead, IAG now plans for capacity in fourth quarter to be no more than 30 percent compared to 2019, citing the high uncertainty of the current environment.

The company earlier announced a reduction in capacity from 46 percent to 60 percent in the fourth quarter, as a result of the leveling off of bookings following the reintroduction of quarantine requirements by many European governments.

The company said it no longer expects to reach breakeven in terms of Net cash flows from operating activities during the fourth quarter.

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