British Airways owner suffers a £ 5.1 billion loss this year due to a coronavirus pandemic

British Airways owner suffers £ 5.1 billion loss this year to a coronavirus pandemic as IAG chief blows up "ever-changing government restrictions".

  • The enormous losses occurred in the first nine months of the year
  • IAG boss Luis Galleg said the coronavirus was responsible for the fall
  • But he also blamed the constantly changing travel restrictions

British Airways' parent company, IAG, reported an after-tax loss and Covid outbreak of 5.6 billion euros (5.1 billion pounds sterling) in the first nine months of the year.

This compares to a profit of 1.8 billion euros over the same period in 2019.

Luis Gallego, CEO of the IAG, said the coronavirus pandemic was responsible for the loss but said it was "tightened" by ever-changing government restrictions.

He called for a new pre-departure test system that would release people from quarantine upon arrival.

Luis Gallego, CEO of the IAG, warned the company of a massive £ 5.1 billion

The group said: & # 39; Results for the nine months were significantly impacted by the Covid-19 outbreak, which had a significant impact on the global aviation and travel sector, particularly as of late February 2020 and with no immediate signs of recovery. & # 39;

Luis Gallego, CEO of IAG said: & # 39; We recorded an operating loss of € 1,300 million (£ 1,175 million) before special items for the third quarter compared to an operating profit of £ 1,425 million (£ 1,288 million) last year.

& # 39; Total operating loss was 1,918 million euros (1,733 million pounds sterling), including exceptional items related to fuel hedging and restructuring costs at British Airways and Aer Lingus.

& # 39; These results show the negative impact Covid-19 is having on our business but are compounded by ever-changing government restrictions.

British Airways is owned by IAG and has been hit extremely hard by the pandemic

British Airways is owned by IAG and has been hit extremely hard by the pandemic

& # 39; This creates uncertainty for customers and makes it difficult to plan our business effectively.

& # 39; We urge governments to conduct pre-flight testing with reliable and affordable testing, with the option of post-flight testing to help release people from quarantine when arriving from countries with high rates of infection.

“This would open avenues, stimulate the economy, and make people travel with confidence. When we open routes, the demand for travel increases. & # 39;

Transport Minister Grant Shapps has removed Cyprus and Lithuania from the travel list

Transport Minister Grant Shapps has removed Cyprus and Lithuania from the travel list

It came the day after Cyprus and Lithuania were removed from the government's travel corridor list.

The change means travelers entering the UK from these locations after 4 a.m. on Sunday will have to self-isolate for 14 days, Transport Secretary Grant Shapps said.

Shapps added in a post on Twitter that the government would not add countries to the list of UK travel corridors where Brits can travel without self-isolating this week.

Cyprus only recorded 91 new coronavirus cases on Tuesday while Lithuania had 413. Both sums are significantly lower than the UK numbers, which showed 22,885 new cases on Tuesday.

Last week, British Airways' new chief executive Sean Doyle urged the government to end the self-isolation requirement for international arrivals.

He said the current quarantine system was having a devastating impact on tourism and business travel and called for it to be replaced with a "pre-flight test" system.

At the Airlines 2050 conference on October 19, he said, “We don't think quarantine is the solution.

"We believe the best way to calm people down is to have a reliable and affordable test before you fly."


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