LONDON, April 28 (Reuters) - British Airways-owner IAG
reported on Tuesday a big loss in the first quarter and
warned it may cut up to 12,000 jobs in sweeping restructuring
measures aimed at weathering the crisis inflicted on the airline
industry from the coronavirus.
First-quarter operating losses before exceptional items were
535 million euros ($580 million), compared with a profit of 135
million a year ago as revenue dropped 13% to 4.6 billion euros.
Pre-tax profits were hit by an exceptional charge of 1.3
billion euros due to overhedging of its fuel and foreign
currency needs for the rest of 2020, it said.
Echoing comments from its rivals, the airline said in a
statement it will take several years for passenger demand to
return to 2019 levels.
"British Airways is formally notifying its trade unions
about a proposed restructuring and redundancy programme," the
statement added.
"The proposals remain subject to consultation but it is
likely that they will affect most of British Airways' employees
and may result in the redundancy of up to 12,000 of them."
($1 = 0.9228 euros)
(Reporting by Josephine Mason
Editing by Keith Weir)