LONDON—British Airways-owner IAG cut back plans to ramp up short-haul flights to avoid disruption at Heathrow airport this summer, sending its shares skidding 8 percent on Friday after admitting it doesn’t have enough staff to cope.
The company, which also owns Iberia, Vueling and Aer Lingus, has struggled with crew absences caused by the Omicron-variant of COVID-19 and a shortage of ground staff. Compounded by IT problems, flights had to be cancelled during the first quarter.
Chief Executive Luis Gallego said the issues resulted in a first-quarter operating loss of 754 million euros ($798 million), missing average analyst forecasts of a 510 million euro loss by a wide margin.
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