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BA owner IAG returns to profit
British Airways parent IAG is back in the black.
It saw a quarterly January to March airline profit for the first time since 2019.
It made €9m (£7.9m) in operating airline profit.
It cites higher yields with lower fuel costs for the turnaround.
It lost £660m during the period in 2022.
Overall, it was a better than expected result.
It says transatlantic routes to both North and South America have recovered to pre-pandemic levels, IAG said.
However, business travel is still sluggish.
It ‘has a negative impact on unit revenue,’
Flag carrier Iberia id faring best for business travel.
“IAG has delivered a strong first quarter financial performance, as group airlines recovered capacity to close to pre-pandemic levels,” said CEO, Luis Gallego, said.
“All our airlines performed above expectations.
“We are seeing healthy forward bookings with leisure demand strong.”
IAG says it will still be slightly short of a full pre-pandemic recovery by the end of 2023.
It expects to be at 97% of 2019 levels by then.
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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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