Airline group IAG expects passenger numbers will return to 60 per cent of pre-pandemic levels in the final three months of 2021.
Its third-quarter losses shrank sharply on the gradual lifting of Covid-19 travel curbs and the travel conglomerate expressed hope of a return to profit next year.
The owner of British Airways, Aer Lingus and Iberia is seeing a “significant recovery” as passengers return to flying again with lockdown restrictions easing.
Operating losses in the nine months to the end of September were 2.5 billion euros (£2.1 billion) compared with six billion euros (£5.1 billion) in the same period a year ago.
Pre-tax losses in the three months to the end of September were 714 million euros (£611 million) compared with two billion euros (£1.7 billion) a year earlier.
Passenger revenue also improved in the quarter, hitting two billion euros (£1.7 billion), up from just 715 million euros (£612 million) during the same period in 2020 at the height of the pandemic.
Chief executive Luis Gallego explained that long-haul flights in particular have pushed up sales and expects the group to return to profitability by next year.
But sales remain well below pre-pandemic levels.
IAG said in the three months to the end of September passenger capacity was 43.4 per cent of 2019 levels, although this was up from 21.9 per cent in the three months to the end of June.
For the final three months of the year, passenger capacity is expected to be around 60 per cent of 2019 levels, it added.
Mr Gallego said if the group is able to operate 90 per cent of capacity by next summer it will return to profitability.
Asked about the transatlantic reopening, he said: "We are very optimistic and I think we are going to have 100 per cent of the capacity that we flew in 2019 next summer."
The pandemic slammed global aviation last year as travel curbs destroyed demand, but the industry has been boosted this year by the gradual lifting of international travel restrictions.
The full reopening of worldwide air travel has, however, been held back by the Delta variant of the coronavirus.
Mr Gallego said: “There’s a significant recovery under way and our teams across the group are working hard to capture every opportunity.
“We continue to capitalise on surges in bookings when travel restrictions are lifted.
“All our airlines have shown improvements with the group’s operating loss more than halved compared to previous quarters.”
Mr Gallego added: “The full reopening of the transatlantic travel corridor from Monday is a pivotal moment for our industry.
“British Airways is serving more US destinations than any transatlantic carrier and we’re delighted that we can get our customers flying again.
“Long-haul traffic has been a significant driver of revenue, with bookings recovering faster than short haul as we head into the winter.”
The boss also explained that premium leisure is performing strongly at both Iberia and British Airways and there are early signs of a recovery in business travel.
IAG’s Iberia and Vueling airlines performed particularly strongly, with the former returning to profitability as both took opportunities to strengthen their positions on routes to Latin America and the Spanish domestic market.
Mr Gallego also appeared to flag that a new budget airline operating out of Gatwick remained very much in his thoughts, after suggestions it could be scrapped.
He said: “Our teams are creating opportunities and implementing initiatives to transform our business and preparing it for the future so that we emerge more competitive.
“This includes initiatives such as our new short-haul operation at Gatwick, Vueling’s expansion at Paris-Orly, Aer Lingus’ services from Manchester to the US and the Caribbean and our new maintenance model in Barcelona.”
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
COMPANY%20PROFILE
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
UAE currency: the story behind the money in your pockets
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Australia
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Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
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Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
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Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
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Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
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The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
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UAE currency: the story behind the money in your pockets
