British Airways-owner IAG cautious on Q2 capacity

That resulted in the group posting an operating loss before exceptional items of 1.14 billion euros for its first-quarter period to the end of March, slightly better than the 1.17 billion euro loss forecast by analysts. IAG, which also owns Iberia and Vueling in Spain and Aer Lingus in Ireland, said it reduced weekly cash burn to 175 million euros, a better performance than the 185 million euros a week it had previously guided for the period.

British Airways-owner IAG forecast only a minimal pick-up in capacity to 25% for the April to June quarter, remaining cautious despite hopes that European travel will start to recover from late May onwards.

The rise to 25% of 2019's capacity compared to the 19.6% of capacity that it flew in the January to March quarter as the pandemic continued to restrict travel. That resulted in the group posting an operating loss before exceptional items of 1.14 billion euros for its first-quarter period to the end of March, slightly better than the 1.17 billion euro loss forecast by analysts.

IAG, which also owns Iberia and Vueling in Spain and Aer Lingus in Ireland, said it reduced weekly cash burn to 175 million euros, a better performance than the 185 million euros a week it had previously guided for the period. The group also said it had strong liquidity of 10.5 billion euros at the end of the first quarter.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)