IAG bullish on return to profit next quarter
British Airways owner International Airlines Group remains in the red but expects to return to profit this quarter.
It narrowed losses in Q1 to €787m, down from €1.1bn last year.
Revenue was significantly up to €3.4bn.
However, the loss was bigger than analysts’ forecasts.
It cited a recovery in business travel and ‘no noticeable impact’ on bookings from the war in Ukraine.
“Demand is recovering strongly,” said Luis Gallego, IAG’s CEO.
Gallego acknowledged BA’s recent struggles with cancellations and is working to ‘improve operations and customer experience.’
“These results cover a quarter in which governments began to dismantle the restrictions imposed on cross-border travel. Businesses were quick to respond in going international again,” commented Drew Crawley, American Express Global Business Travel’s Chief Commercial Officer.
“Global business confidence is returning as borders have reopened, and we are starting to see corporate travellers make the journeys required for our economies to recover.”
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