StockMarketWire.com - British-Airways owner International Consolidated Airlines said it would raise up to €2.75bn to support its balance sheet as it swung to a first-half loss.

Qatar Airways, IAG's largest shareholder, had confirmed its support for the proposed capital increase, with other shareholders set to vote on approval of the plan on 8 September.

The company also said independent director Javier Ferran would succeed chairman Antonio Vazquez, who would be retiring in early January 2021.

For the six months ended 30 June, the company reported a pre-tax loss of €4.2bn compared with a profit of $1bn on-year as total revenue plunged 55.7% to €5.3bn.

As a result of government travel restrictions, passenger traffic fell by 98.4% on a capacity reduction in the quarter of 95.3%.

'We continue to expect that it will take until at least 2023 for passenger demand to recover to 2019 levels,' the company said.

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