LONDON: Cash-strapped International Airlines Group (IAG), which operates British Airways, has been forced to cut its flight schedule for the rest of the year as the coronavirus lockdowns continue to restrict travel. In a surprise preliminary report published, the group revealed that coronavirus-related quarterly damage reached €1.3 billion ($1.5 billion), as the outbreak continues to ravage countries, forcing governments to tighten restrictions. The loss almost equals IAG’s profit of €1.4 billion in the same period last year and turned out to be far worse than market expectations. In response to “the high uncertainty of the current environment,” the group, which also owns Iberia, Vueling and Aer Lingus, said that in the fourth quarter it will conduct no more than 30 percent of the flights it had before the crisis. This is despite the usually busy Christmas season ahead. TLTP
