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ARCHIVED - IAG airlines group reports 83 per cent drop in third quarter turnover
Operations continue to be scaled down as the second wave of the pandemic spreads
The IAG Holding group, which operates the airlines Iberia, Vueling, IAG and Aer Lingus, has announced a loss during the third quarter of 2020 of 1,300 million euros, in sharp contrast to the profit of 1,425 million euros in the equivalent period last year.
This disastrous result is attributable directly to the effects of the coronavirus pandemic, which has brought about such reductions in flights and passenger numbers that the group’s turnover fell by a dramatic 83 per cent.
IAG’s passenger capacity was cut during the third quarter by 78.6 per cent as drastic adjustments were made to flight schedules, while the actual passenger traffic (measured in passenger numbers and kilometres travelled) fell by 88 per cent. The group had already confirmed reductions in passenger capacity of between 46 and 60 per cent during the final quarter of 2020, but in the current climate of uncertainty the likelihood is that the level of operations will in fact drop by at least 70 per cent.
This, logically, is explained by the group by the fact that bookings have not increased as had been hoped due to additional measures being announced by European governments in response to the rapid and aggressive development of the second wave of Covid-19. As well as localized confinements and curfews, these measures include the strengthening of quarantine requirements for those arriving in these countries from abroad and the introduction of quarantines by more and more countries, making international travel increasingly difficult for frustrated passengers, with flight schedules continually adjusted and flights cancelled.
Needless to say, the same situation is also affecting many other airlines worldwide and the performance of airports; the traffic in Spanish airport was down 80% overall in September, and 90% on international flights to Spain during September.