Adds background, element LONDON, Oct 22 (Reuters) - British
Adds background, element
LONDON, Oct 22 (Reuters) – British Airways-owner IAG ICAG.L reported a 1.three billion euro loss within the third quarter as coronavirus restrictions proceed to depress journey, forcing it to additional downgrade its capability outlook for the remainder of the yr.
The airline group, which additionally operates Iberia, Vueling and Aer Lingus, introduced its preliminary outcomes for the three months to the top of September one week sooner than anticipated.
The 1.three billion loss was considerably worse than the 920 million euro analysts’ consensus and behind the 1.four billion euros of revenue it made in the identical interval final yr.
The outcomes have been the primary to be printed below new CEO Luis Gallego who took over from Willie Walsh in early September.
IAG mentioned on Thursday that for the fourth quarter it will fly not more than 30% of the capability it flew in the identical interval final yr, decrease than earlier steerage, which had already been minimize.
With much less flying, the group warned it not anticipated to achieve breakeven by way of internet money flows from working actions throughout the fourth quarter, however mentioned that liquidity was sturdy.
The corporate raised 2.74 billion euros from shareholders which it acquired in early October, boosting its liquidity to 9.three billion euros.
(Reporting by Sarah Younger; modifying by Man Faulconbridge and James Davey)
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