5/7/2020, 8:25 AM (Source: TeleTrader)
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IAG revenue falls 13.4% in Q1 to €4.6B

International Airline Group's (IAG) revenue fell 13.4% year-on-year in the first three months of 2020 to €4.6 billion as airlines suffered from the coronavirus crisis. The company's loss after tax for the same period amounted to €1.7 billion. Its operating loss was €1.9 billion. In the same quarter of 2019, IAG had an operting profit of €135 million and profit after tax of €70 million. IAG's basic loss per share in the first quarter of the year was €8.48, which compares to earnings per share of €0.37 in the first quarter of 2019.

The airline group stressed that its passenger capacity dropped 94% as a result of the coronavirus, but it added that it had a strong balance sheet and liquidity ahead of the crisis.

IAG CEO Willie Walsh said: "We do not expect passenger demand to recover to the level of 2019 before 2023 at the earliest. This means groupwide restructuring is essential in order to get through the crisis and preserve an adequate level of liquidity. We intend to come out of the crisis as a stronger group."

Breaking the News / VP