Reeling under pandemic, British Airways plans to cut as many as 12,000 jobs

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

British Airways plans to cut more than a quarter of its jobs due to the coronavirus crisis, parent company IAG said on Tuesday, forecasting that passenger numbers will take years to recover.

International Consolidated Airlines Group SA (IAG), which also owns Iberia, Aer Lingus and Vueling, reported a first-quarter operating loss before exceptional items of 535 million euros ($580 million), swinging from a profit of 135 million euros a year ago.

Revenue dropped 13 per cent to 4.6 billion euros. IAG said it expected significantly worse losses in the second quarter, reflecting the full extent of travel lockdowns during the