The management has to use the red pencil: The British-Spanish aviation group IAG makes a loss of billions in the third quarter.
The airline group is writing dark red numbers as a result of the corona pandemic. The British Airways parent did not even feel the temporary recovery in the industry in the summer. At least the brief upswing has not been expressed in numbers. The bottom line in the third quarter was an operating loss of 1,3 billion euros - this figure has hardly changed since the last publication.
Management is now reacting to the horrific numbers. And cuts the flight offer by the end of the year: In the fourth quarter, the flight program of the IAG companies should reach a maximum of 30 percent of the same period last year. So far, the top management had targeted a capacity of 40 to 54 percent. The reasons for the cuts are obvious: the second wave of infections and the associated travel restrictions. Thus, the company expects similar horror numbers in the future, as the IAG announced on Thursday.