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International Consolidated Airlines losses narrow in Q1 on cost cuts

By BFN News | 07:59 AM | Friday 07 May, 2021


British-airways owner International Consolidated Airlines reported narrower losses in the first quarter of the year as cost cuts offset a slump in passenger revenue owing to the pandemic impact. For the three months to March 31, 2021, pre-tax losses narrowed by 35.4% to €1.22 billion even as revenue slumped 78.9% to €968 million year-on-year. 'Passenger capacity in the quarter was 19.6% of 2019 and continues to be adversely affected by the COVID-19 pandemic, together with government restrictions and quarantine requirements,' the company said. Cash operating costs for the quarter reduced to €175 million per week. Current passenger capacity plans for the second-quarter are for around 25% of 2019 capacity, but remained uncertain and subject to review, the company said. The company said it was 'confident that a safe re-start to travel can happen as shown by the scientific data,' but said government action including travel corridors without restrictions were needed. 'Given the uncertainty over the timing of the lifting of government travel restrictions and the continued impact and duration of COVID-19, IAG is not providing profit guidance for 2021,' it added. Story provided by StockMarketWire.com

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