Major airlines in the world suffer net losses of billions of dollars



International Airlines Group IAG, which owns British Airways (UK) and many airlines in Europe, reported a net loss of 1.1 billion euros ($1.3 billion) in the first quarter due to the impact of the COVID-19 pandemic. 

However, according to IAG, this is down from the group's net loss of 1.68 billion euros in the same period last year, when the COVID-19 epidemic began.

 Along with the loss, IAG's revenue also fell 79% to 968 million euros in the first quarter of this year.

Major airlines in the world suffer net losses of billions of dollars

IAG owns British Airways (UK) and many airlines in Europe / ph: British Airways

IAG's CEO Luis Gallego said that the group is working together to overcome the current crisis in the context of increasingly harsh competition.

 According to IAG, the group will not provide a profit forecast for 2021 due to uncertainty about when the UK Government will lift travel restrictions and due to the continued impact of the COVID-19 epidemic as well as this epidemic is prolonged.

 The announcement was made by IAG a day after its rival Air France-KLM announced a net loss of 1.5 billion euros in the first quarter of 2021.

 Meanwhile, in Japan, Japan Airlines (JAL) on the same day announced a net loss of $2.6 billion in the past year and the airline did not provide a forecast for the current fiscal due to uncertainties related to the COVID-19 pandemic.

 In the last financial year, JAL suffered a net loss of 286.7 billion yen.  According to the airline, there is still no sign of a recovery in passenger demand due to restrictions on international travel and tightening of anti-immigration measures.

 Last week, JAL revised its forecast for a 2020-21 net loss to 287 billion yen from 300 billion yen forecast in February 2021.

 According to JAL, the airline has decided not to issue a forecast for its financial outlook for the year ending on March 2022, warning that it is highly unlikely to forecast a recovery in passenger demand in the context of the global spread of COVID-19 shows no signs of slowing down.

Major airlines in the world suffer net losses of billions of dollars

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