British Airways owner IAG hit by record €7.4bn loss

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(The Guardian)

The owner of British Airways, International Airlines Group, reported a record €7.4bn loss for last year, and called for the introduction of digital health passes for passengers to enable the airline industry to get back on its feet.

IAG said that passenger capacity last year was only a third of 2019 and in the first quarter of this year is running at only a fifth of pre-Covid levels.

The airline group reported a total annual operating loss of €7.4bn (£6.4bn), including expensive fuel and currency hedges, retiring its planes early and the costs of its 10,000 staff redundancies – a €10bn swing in a year from its €2.6bn profit in 2019.

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