International Consolidated Airlines Group (IAG), owner of British Airways and other European airlines, reported on Friday a first-quarter loss after tax at 1.07 billion euros ($1.29 billion), narrower than last year's loss of 1.68 billion euros.
As the COVID-19 pandemic continues to restrict travel, the company forecast only a small rise in capacity to 25% for the April-June quarter.
The basic loss per share was 21.5 euro cents, compared to a loss of 55.1 euro cents a year ago.
Adjusted loss after tax was 1.12 billion euros or 22.6 euro cents per share, compared to the prior year's loss of 556 million euros or 18.2 euro cents per share.
Total revenue plunged 78.9% to 968 million euros from last year's 4.59 billion euros.
Passenger revenue was 459 million euros, down 88.4% from 3.95 billion euros a year ago.
Passenger capacity in the quarter was 19.6% of 2019 and continues to be adversely affected by the COVID-19 pandemic, together with government restrictions and quarantine requirements.
The company's current passenger capacity plans for the second quarter are for around 25% of 2019 capacity but remain uncertain and are subject to review.
IAG said it is not providing profit guidance for 2021 due to the uncertainty over the timing of the lifting of government travel restrictions and the continued impact and duration of COVID-19.