Higher fuel costs, market capacity and the late Easter have hit the profits of British Airways’ parent IAG in the first three months of the year.
Revealing its first quarter results today, the group said profit before tax was €86 million – 61.3% down year on year.
Passenger revenue rose 5.2% to €4.6 billion, pushing total revenue up by just under 5% to €5.3 billion.
Looking forward, IAG, which also owns Iberia, Vueling and Aer Lingus, and Level, expects its 2019 profit to be in line with 2018.
CEO Willie Walsh said: "In a quarter when European airlines were significantly affected by fuel and foreign exchange headwinds, market capacity impacting yield and the timing of Easter, we remained profitable and are reporting an operating profit of €135 million."
