IAG sees strong summer demand as Q1 profits take off
[miglagoa - stock.adobe.com]
British Airways owner
Operating profit before exceptional items in the three months to March 31 surged to €68m from €9m a year earlier. Passenger capacity grew 7% over the period.
"Our transformation initiatives and increased demand, including over the Easter holidays, have delivered another very good set of results with improvements to both revenue and operating profit," said chief executive Luis Gallego.
"Investment across the group in transformation is delivering encouraging improvements in punctuality and customer experience at our airlines. IAG Loyalty continues to perform very well. "We are well-positioned for the summer. The high demand for travel is a continuing trend."
Passenger revenue per available seat kilometre was 4.4% higher year on year, through the benefit of the timing of Easter and a continued strong leisure traffic recovery, with business traffic recovering more slowly.
IAG also owns Aer Lingus, Iberia and Vueling.
Reporting by Frank Prenesti for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.