Pandemic pushes British Airways-owner IAG to record $9 billion loss

British Airways-owner IAG plunged to a record 7.43 billion euro ($9 billion) loss last year as pandemic travel paralysis saw it burn through cash, and it warned on Friday it could not say when normal flying conditions would return.

Tighter travel restrictions brought in by countries over the last two months have threatened to ruin Europe’s critical summer season and leave some airlines in need of another round of funding support, analysts warn.

IAG said uncertainty over the duration of the pandemic meant it could not give a profit forecast, illustrating the scale of the challenge for IAG’s new boss Luis Gallego, who is six months into the job.