Airlines, one of the first sectors hit by the coronavirus pandemic, are seeing higher cargo revenue although travel restrictions and passengers' worries about Covid-19 continue to weigh on results.

International Consolidated Airlines Group SA, the owner of British Airways and other carriers, posted its biggest half-year loss on record and outlined lower capacity plans for the remainder of the year.

IAG said it doesn't expect passenger demand to recover to 2019 levels until at least 2023.

In the second quarter, a drop in commercial bookings was partly offset by a 31% increase in cargo revenues.

Air Canada also turned a second-quarter loss as demand slumped amid the pandemic. The total passengers carried dropped 96% year-over-year, though Air Canada said cargo revenue was up 52% in the quarter.

Big oil companies endured one of their worst quarters ever and are positioning themselves for prolonged pain as the pandemic saps global demand for fossil fuels.

Exxon Mobil Corp. posted its second consecutive quarterly loss for the first time this century. Exxon, the largest U.S. oil company, hadn't reported back-to-back losses for at least 22 years, according to Dow Jones Market Data, whose figures extend to 1998.

Chevron Corp. lost $8.3 billion in the second quarter, down from $4.3 billion in profits during the same period last year, its largest loss since at least 1998. The U.S. company wrote down $5.7 billion in oil and gas properties, including $2.6 billion in Venezuela, citing uncertainty in the country ruled by strongman Nicolás Maduro. Chevron also said it lowered its internal estimates for future commodity prices.

Other earnings reported Friday:

BNP Paribas SA: The investment bank arm of France's largest-listed bank by assets said heavy client activity boosted the performance of its markets operations, which helped absorb a sharp increase in provisions against potential losses from borrowers also seen at many peers.

BT Group PLC: The U.K. telecommunications company's first-quarter revenue fell 6.7%, following other operators that have struggled to capitalize on increased reliance on their service during coronavirus lockdowns. BT attributed the decline to lower revenue from BT Sport following cancellation of live sporting events and a reduction in business activity in its enterprise unit.

CBOE Global Markets Inc.: The Chicago-based company, which runs financial exchanges, recorded stronger revenue and a higher profit in the latest quarter as financial turbulence during the pandemic led to greater trading volumes.

Caterpillar Inc.: The maker of equipment for mining companies and builders said its revenue in the U.S. dropped more than 40% in the second quarter, but Caterpillar sought to reassure investors with the pile of cash it has amassed to ride out the coronavirus crisis.

Colgate-Palmolive Co.: The consumer-goods company reported a roughly 1% rise in net sales in the latest quarter as demand for soap and cleaners remained elevated during the pandemic.

Fiat Chrysler Automobiles NV: The Italian-American car maker swung to a net loss for the second quarter, putting pressure on Fiat Chrysler to improve its performance or risk a renegotiation of the terms of its merger with Peugeot maker PSA Group.

Goodyear Tire & Rubber Co.: The tire company swung to a second-quarter loss as tire volumes declined during the pandemic.

Japan Tobacco Inc.: The company's first-half net profit fell 24% from a year earlier, reflecting sharply reduced domestic sales as a result of restrictions on movement to contain the spread of coronavirus.

Murata Manufacturing Co.: The Japanese electronics-parts maker's first-quarter net profit fell 15% due partly to weaker demand for smartphones and cars amid the pandemic.

Nokia Corp.: The Finnish company said its key networks unit saw a 10% fall in sales as coronavirus disruptions hit sales, but overall profitability rose amid stronger margins from a favorable product mix, an increase in sales to North America and a lower proportion of sales in China.

Pinterest Inc.: The photo-sharing platform said its second-quarter net loss narrowed as it gained customers spending more time at home because of the pandemic.

ProSiebenSat.1 Media SE: The German broadcaster swung a net loss for the second quarter, mainly due to declines in the company's advertising business amid the pandemic.

Swiss Re AG: The Swiss reinsurer turned a loss in the first half of the year due to coronavirus-related claims and reserves but said it is confident about the rest of 2020.

Under Armour Inc.: The sportswear retailer's sales declined significantly in the second quarter because of the pandemic but weren't as bad as Under Armour was expecting.

Write to Rose Manzo at rose.manzo@wsj.com

 

(END) Dow Jones Newswires

July 31, 2020 11:54 ET (15:54 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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