International Airlines Group has scrapped a planned dividend for shareholders in the wake of the coronavirus pandemic.

Stephen Gunning, chief financial officer for the company, said all profit for the financial year would now be allocated to the voluntary reserve in order to protect the liquidity of the company.

A final dividend of 0.17 euros per share had previously been proposed.

At the same time, the IAG board has resolved to delay the date of such annual shareholders’ meeting, originally scheduled for June, until the end of September.

IAG-owned British Airways is expected to furlough as many as 36,000 staff later, having drastically cut services during April and May.