Q1 2021 International Consolidated Airlines Group SA Earnings Call Transcript
Thank you, and good morning, everyone, and thank you again for joining us for our first quarter update. I'm joined today by Steve Gunning, our Chief Financial Officer; and our airline CEOs, Lynne Embleton, Sean Doyle, Javier Sanchez, Marco Sansavini.
Before Steve gets into detail of IAG's performance over the last quarter, I would like to set out some context. There is no question, and it's clear when you see our exceptional loss of EUR 1,135 million in the first quarter, that the environment for IAG and all the airlines that we operate have been extremely challenging. It is also still uncertain. The rate at which corridors are opening is slower than we hope. And when travel is possible, the requirements imposed on travelers are having a big impact on passenger traffic.
In the first quarter, the capacity was only 20% of 2019 levels. And although IAG went into the pandemic in an excellent shape, both strategically and financially, having made significant improvements in profitability and
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