IAG: good start to the year, optimism for the summer season

(CercleFinance.com) - Airline carrier IAG announced on Friday that it had made a good start to the year, thanks to strong demand, and said it was 'well positioned' for the summer season.


The owner of Aer Lingus, British Airways and Iberia, amongst other airlines, posted an operating profit of E68m excluding exceptional items in Q1, compared with a profit of just E9m a year earlier.

This performance is well above the E48m expected by a consensus provided by the group.

At the same time, its loss after tax was reduced to four million euros, after a shortfall of E87m a year earlier.

Revenues totalled E6.4bn, compared with E5.9bn for the same period last year, driven by an 8.6% increase in traffic, with nearly 26.4 million passengers carried.

Unit revenue per passenger rose by 4.4%, while fuel costs fell by 4.9% thanks to the effectiveness of its oil hedging strategy.

Without providing any forecasts, IAG said it was well positioned for the crucial summer season, while adding that it expected long-term favourable and sustainable demand in the airline sector.


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