"The weight of our network is balanced to the Atlantic," Chief Executive Luis Gallego told reporters on Friday, adding that it was possible that IAG would beat its 45% plan this quarter.For the October-December quarter, IAG was ready to fly up to 75% of its 2019 capacity, he said.
British Airways, usually IAG's most profitable airline, has been hammered by restrictions in its home market that have been tighter and lasted longer than those in Europe, allowing the group's Spanish airlines Iberia and Vueling to recover faster. They are set to fly around 70% of their capacity this summer, showing how UK restrictions and last minute rule changes have dragged on BA.
Britain will lift more restrictions on arrivals from the United States on Monday, allowing a partial reopening of the transatlantic, but the United States continues to be closed to UK and European arrivals.Shares in IAG traded down 3% in early deals. The stock has gained 24% over the last six months.
"Further opening up of the U.S. market during Q3, which may yet happen, would be a significant catalyst for the stock," said Bernstein analyst Daniel Roeska.
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