British Airways owner IAG narrowed third quarter losses as more people started to travel with the lifting of Covid restrictions.
The company on Friday posted an operating loss of €452m during the key summer quarter to September 30 compared with a loss of €1.92bn last year when passenger travel came to a virtual standstill.
IAG added that it expects a €3bn annual operating loss before exceptional at current fuel prices and exchange rates. Fourth-quarter is expected to be approximately 60% of 2019, resulting in 2021 capacity of 37% of the 2019 level.
“The full reopening of the transatlantic travel corridor from Monday is a pivotal moment for our industry. British Airways is serving more US destinations than any transatlantic carrier and we’re delighted that we can get our customers flying again,” said chief executive Luis Gallego.
“Longhaul traffic has been a significant driver of revenue, with bookings recovering faster than shorthaul as we head into the winter. Premium leisure is performing strongly at both Iberia and British Airways and there are early signs of a recovery in business travel.”
