{"id":23787,"date":"2021-11-05T09:50:18","date_gmt":"2021-11-05T13:50:18","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=23787"},"modified":"2021-11-05T09:50:21","modified_gmt":"2021-11-05T13:50:21","slug":"iag-sees-revenue-increase-as-lockdown-restrictions-ease","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=23787","title":{"rendered":"IAG Sees Revenue Increase As Lockdown Restrictions Ease"},"content":{"rendered":"\n
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The owner of Aer Lingus, British Airways and Iberia, International Airlines Group (IAG) said he is seeing a \u201csignificant recovery\u201d as passengers return to flying again with lockdown restrictions easing.<\/p>\n\n\n\n

Chief executive Luis Gallego explained long-haul flights in particular have pushed up sales, adding that he expects the group to return to profitability by next year.<\/p>\n\n\n\n

However, sales remain well below pre-pandemic levels.<\/p>\n\n\n\n

IAG said in the three months to the end of September, passenger capacity was 43.4 per cent of 2019 levels, although this was up from 21.9 per cent in the three months to the end of June.<\/p>\n\n\n\n

For the final three months of the year, passenger capacity is expected to be around 60 per cent of 2019 levels, the group added.<\/p>\n\n\n\n

\u201cWe continue to capitalize on surges in bookings when travel restrictions are lifted.<\/p>\n\n\n\n

\u201cAll our airlines have shown improvements with the group\u2019s operating loss more than halved compared to previous quarters.\u201d<\/p>\n\n\n\n

Operating losses in the nine months to the end of September were \u20ac2.5 billion, compared with \u20ac6 billion in the same period a year ago.<\/p>\n\n\n\n

Pre-tax losses in the three months to the end of September were \u20ac714 million, compared with \u20ac2 billion a year earlier.<\/p>\n\n\n\n

Passenger revenue also improved in the quarter, hitting \u20ac2 billion, up from just \u20ac715 million euros during the same period in 2020 at the height of the pandemic.<\/p>\n\n\n\n

IAG\u2019s Iberia and Vueling airlines performed particularly strongly, with the former returning to profitability as both took opportunities to strengthen their positions on routes to Latin America and the Spanish domestic market.<\/p>\n\n\n\n

Mr Gallego also appeared to flag that a new budget airline operating out of Gatwick Airport in England remained very much in his thoughts, after suggestions it could be scrapped.<\/p>\n\n\n\n

He said: \u201cOur teams are creating opportunities and implementing initiatives to transform our business and preparing it for the future so that we emerge more competitive.<\/p>\n\n\n\n

\u201cThis includes initiatives such as our new short-haul operation at Gatwick, Vueling\u2019s expansion at Paris-Orly, Aer Lingus\u2019 services from Manchester to the US and the Caribbean and our new maintenance model in Barcelona.\u201d<\/p>\n

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