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IAG makes record profit
British Airways parent IAG has reported record first quarter profit, which is traditionally its weakest period.
Operating profit reached €170 million before exceptional items, up from €155 million last year.
This was achieved despite a currency exchange hit of €32 million in the quarter due to the translation of sterling profit into euros.
The group said the three-month period saw increasing fuel prices and a stronger US dollar against both the euro and the pound sterling.
CEO Willie Walsh said at current fuel prices and exchange rates, IAG expects its operating profit for 2017 to show an improvement year-on-year.
In March IAG launched LEVEL, its new longhaul low-cost airline, which starts flights from Barcelona to Los Angeles, San Francisco, Punta Cana and Buenos Aires in June.
"It’s already been extremely successful with sales running well ahead of expectations," said Walsh.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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