The British Airways owner IAG lost more than €1.135 billion in the first three months of the year as much of its fleet remained grounded by Covid-19 travel restrictions.
The group said that its liquidity at the end of March stood at €10.5 billion “demonstrating IAG’s good access to capital markets”.
Luis Gallego, IAG chief executive, said: “We’re taking all necessary actions to ensure the financial health of our business for the long term . . . and remain focused on reducing our cost base and increasing efficiencies.”
Alongside the trading update Gallego called on governments to introduce travel corridors between countries with successful vaccination programmes and well-staffed borders to ensure a safe, smooth flow of people and frictionless travel.