IAG’s capital raise buys limited flying time aimeedonnellan
International Airlines Group, the owner of British Airways, said on July 31 that it planned to raise 2.75 billion euros in a capital increase backed by its biggest shareholder Qatar Airways in order to strengthen its finances, which have been badly damaged by pandemic-related restrictions on flying.
The airline group, which also owns Iberia and Aer Lingus, reported an operating loss of 1.365 billion euros for the second quarter, broadly in line with a consensus forecast for a loss of 1.395 billion euros. British Airways, which typically provides more than half of IAG’s annual profit, is flying around 15% of its normal schedule. Ongoing UK quarantine rules have sharply reduced demand in its two biggest foreign markets, the United States and India.
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