International Consolidated Airlines (LSE: IAG) saw passenger capacity reach 43.4% of its 2019 levels in Q3. Reporting on the third quarter on Friday, the company said it is planning to reach around 60% of capacity in the fourth quarter.
IAG carried 37.2% more cargo in the third quarter compared to the same period a year previously. And that was up to 73.4% of the equivalent 2019 levels.
Chief executive Luis Gallego said: “All our airlines have shown improvements with the Group’s operating loss more than halved compared to previous quarters. In Q3, our operating cash flow was positive for the first time since the start of the pandemic and our liquidity is higher than ever, reaching €12.1bn on a pro forma basis at the end of October.”
On the financial front, the British Airways owner reported a Q3 operating loss of €452m. Over the nine months to 30 September, reported operating losses reached €2,487m. The loss after tax and exceptional items for the nine months came in at €2,622m.
IAG liquidity
IAG revealed that cash operating costs in the quarter came to €260m per week. But it said it has strong liquidity. Liquidity reached €10.6bn at the end of September. Of that, €7.6bn was in cash, with a further €3bn in undrawn facilities.
In addition, on 1 November, the company arranged an extra £1bn (€1.2bn) five-year credit facility. Of the latest liquidity figure of €12.1bn, the cash portion has risen to €8bn.
For the full year, IAG expects to report an operating loss of around €3bn at current exchange rates and fuel prices. If passenger capacity in the final quarter rises to the hoped-for 60% level, full-year capacity would reach 37% of 2019 levels.
5 Stocks For Trying To Build Wealth After 50
Markets around the world are reeling from the coronavirus pandemic…
And with so many great companies trading at what look to be ‘discount-bin’ prices, now could be the time for savvy investors to snap up some potential bargains.
But whether you’re a newbie investor or a seasoned pro, deciding which stocks to add to your shopping list can be daunting prospect during such unprecedented times.
Fortunately, The Motley Fool is here to help: our UK Chief Investment Officer and his analyst team have short-listed five companies that they believe STILL boast significant long-term growth prospects despite the global lock-down…
You see, here at The Motley Fool we don’t believe “over-trading” is the right path to financial freedom in retirement; instead, we advocate buying and holding (for AT LEAST three to five years) 15 or more quality companies, with shareholder-focused management teams at the helm.
That’s why we’re sharing the names of all five of these companies in a special investing report that you can download today for FREE. If you’re 50 or over, we believe these stocks could be a great fit for any well-diversified portfolio, and that you can consider building a position in all five right away.
Click here to claim your free copy of this special investing report now!
Alan Oscroft has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
This post was originally published on Motley Fool
