MADRID, May 7 (Xinhua) -- The International Consolidated Airlines Group (IAG) on Thursday confirmed a loss of 1.68 billion euros in the first quarter (Q1) of 2020 due to the coronavirus pandemic.
The loss came after a 94 percent reduction in passenger capacity caused by the pandemic. It's in striking contrast to the same period last year when the company reported a profit of 70 million euros.
The Chief Executive Officer of the Anglo-Spanish company, Willie Walsh, said that until the outbreak of the coronavirus, IAG had been performing strongly.
"Most of the loss in the quarter occurred in the last two weeks of March," he explained.
The company hopes for "a meaningful return to service in July 2020," but explains that "depends on the easing of lockdowns and travel restrictions around the world."
Walsh said he didn't think passengers would "recover to the level of 2019 before 2023 at the earliest."
The IAG controls airlines such as British Airlines, Iberia and Iberia Express, Vueling and Aer Lingus. Enditem
