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Asia Pacific
BA owner IAG posts record Q3 profit
British Airways parent IAG posted a record third-quarter airline profit.
It earned €1.23 billion with seat capacity now at 96% of pre-Covid levels.
This was in spite of taking a €50 million hit due to the August air traffic control meltdown.
As well as BA, IAG owns Aer Lingus and Iberia.
Demand remains strong it says, although business travel remains muted.
The British Airways contribution to the airline profit was £617 million.
It cautioned on fourth quarter earnings due to ‘wider macroeconomic and geopolitical uncertainties.’
It is about three-quarters booked for the fourth quarter, it said.
“This quarter represents a record third quarter performance for IAG. This is allowing us to invest in the business and reduce a significant amount of our debt,” CEO Luis Gallego said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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