British Airways Owner IAG Reports First Profit Since Pandemic Began
British Airways owner IAG has recorded a profit for the first time since the beginning of the Covid-19 pandemic, despite the wave of challenges it has had to contend with at the Heathrow Airport.
The company revealed that it had recorded a significant increase in the number of flights and passengers it handled.
Operating profit for the second quarter hit £245m, compared with a loss of £809m in the same period last year.
IAG, however, issued a warning about the state of the industry given that airlines and airports had experienced significant disruption this year due to widespread shortage of workers coupled with industrial action.
“Our industry continues to face historic challenges due to the unprecedented scaling up in operations, especially in the UK where the operational challenges of Heathrow airport have been acute,” said Luis Gallego, IAG’s chief executive.
British Airways has been forced to cancel nearly 30,000 flights this summer as it struggles with staff shortages and rebounding demand for air travel following the lifting of Covid restrictions.