International Airlines Group (IAG) announces its preliminary results for the third quarter of 2020 and capacity outlook for the fourth quarter.
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Total revenue declined by 83 per cent to €1.2 billion compared to €7.3 billion last year. Operating result before exceptional items was a €1.3 billion loss compared to a €1.4 billion profit last year.
Passenger capacity, expressed in available seat kilometres, declined by 78.6 per cent in the quarter. Passenger traffic, measured in terms of revenue passenger kilometres, declined by 88.0 per cent. Seat load factor declined by 38.8 points to 48.9 per cent.
See also: British Airways leaves some Boeing 777s on the ground after finding engine failure.
In response to the high uncertainty of the current environment, IAG now plans for capacity in 4Q 2020 to be no more than 30 per cent compared to 2019.
Liquidity remains strong. As at 30 September 2020, the Group had total liquidity of €6.6 billion, comprised of €5.0 billion of cash, cash equivalents and interest-bearing deposits and €1.6 billion of undrawn and committed general and aircraft facilities. In addition, €2.74 billion of gross proceeds from the Capital Increase were received in early October for a total pro-forma liquidity of €9.3 billion.
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