Aer Lingus’ owner records €5.6bn loss due to Covid-19

Aer Lingus’ owner records €5.6bn loss due to Covid-19

British Airways’ parent company, IAG, has reported a £5.1bn loss in the first nine months of the year (Tim Ockenden/PA)

Aer Lingus' parent company, IAG, has reported a loss after tax and exceptional items of €5.6 billion in the first nine months of the year.

This is compared with a profit of €1.8 billion euros during the same period in 2019.

The airline group, which also includes Spain's Iberia and British Airways, reduced cash costs by 54% from previous plans, to €205 million a week. It said it wouldn’t provide profit guidance for the full year.

The group’s chief executive, Luis Gallego, said: “These results demonstrate the negative impact of Covid-19 on our business but they’re exacerbated by constantly changing government restrictions.

“This creates uncertainty for customers and makes it harder to plan our business effectively.”

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