British Airways owner books loss as pandemic stalls travel
LONDON -- The parent company of British Airways reeled to a loss of 3.8 billion euros ($4.5 billion) in the first six months of the year as travel restrictions from the COVID-19 pandemic ate into the bottom line.
The company announced it plans to raise 2.75 billion euros through a proposed capital increase.
The group has already announced 12,000 cuts at British Airways.
“Anyone who believes that this is just a temporary downturn and therefore can be fixed with temporary measures, I’m afraid seriously misjudges what the industry is going through,'' he said.