BA owner IAG suffers large loss in 2020
British Airways owner IAG made a post-tax loss in 2020 of 6.9 billion euros (£6 billion) compared with a 1.7 billion euros (£1.48 billion) profit a year earlier.
”Revenues collapsed 69% from 25.5 billion euros (£22.2 billion) to just 7.8 billion euros (£6.8 billion) in 2020 as the Covid-19 pandemic hit.
The number of passengers using its airlines remains significantly down on pre-pandemic levels and fell again during the traditional peak festive season.
The company, which also owns Aer Lingus and Iberia, said capacity for 2020 was just 33.5% of 2019 levels and only 26.6% in the final three months of the year.
In the three months to December, IAG also made an operating loss of 1.47 billion euros (£1.3 billion).