The IAG holding company, which includes Iberia, British Airways (BA), Vueling and Aer Lingus, recorded losses after taxes of 2,622 million euros during the first nine months of this year, which means a decrease of 53% compared to the ‘red numbers’ of 5,576 million euros which was scored a year earlier due to travel restrictions resulting from the Covid-19 health crisis.
The result after tax before exceptional items was negative by 2,775 million euros, compared to losses of 3,185 million euros, as reported by the group to the National Securities Market Commission (CNMV).
The company has specified that the results for 2020 have been restated to reflect the treatment of administrative costs associated with the group’s defined benefit pension plans, increasing by nine million euros the loss after tax for the nine-month period ended on September 30, 2020.
“There is a significant recovery underway and all the teams in the group’s airlines are working hard to seize every opportunity. We continue to capitalize on the increase in bookings that occurs when travel restrictions are eliminated, ”said IAG CEO Luis Gallego.
“All of our airlines have improved their performance and the loss of group operations has been reduced by more than half compared to previous quarters. In the third quarter, and for the first time since the start of the pandemic, our cash flow from operations was positive, and our liquidity position reached 12.1 billion euros proforma at the end of October, the highest level on record. so far, “he stressed.
“In the short term, our goal is to be ready to operate as much capacity as possible and for IAG to be profitable again in 2022. Our teams are creating all the opportunities and launching all the necessary initiatives to transform our business and become more competitive in the future, “he added.
In this sense, he has given as an example the new short-haul operation in Gatwick, the expansion of Vueling in Paris-Orly, the Aer Lingus flights from Manchester to the United States and the Caribbean, and the new maintenance model in Barcelona.