Friday, 5 May 2017

BA owner IAG hails record first-quarter profit

Airline group IAG, which owns British Airways and Iberia, has reported record first-quarter profits.

IAG, which also owns Aer Lingus, said underlying operating profits in the quarter rose 10% to 170m euros (£144m).

The increase came despite a 2.8% dip in group revenues to 4.9bn euros.

IAG added that bookings for its new long-haul low-cost airline called Level, which starts services in June, were "well ahead of expectations".

Level will operate flights from Barcelona to Los Angeles, San Francisco, Punta Cana and Buenos Aires.
Chief executive Willie Walsh said: "This is a record performance in the first quarter, traditionally our weakest quarter, with the improving trend in passenger unit revenue continuing."

IAG said it expected operating profits for the year as a whole to show an improvement from 2016.
Shares in IAG were up 5% in afternoon trading.

BBC     News.

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