(AOF) – IAG advances 1.11% to 184.83 pence on the London Stock Exchange. The owner of airlines British Airways, Iberia and Vueling declared that its pre-tax loss in the first quarter had narrowed to 87 million euros, compared to 121 million euros the previous year. The Madrid-based airline operator reported an operating profit of 68 million euros between January and March, while analysts had expected 49 million euros. total revenue increased by 9.2% to €6.43 billion, from €5.89 billion.
“We believe that IAG operates the most advanced airline group model in Europe, with a clear objective of profitability, benefiting from its unprecedented position of strength on transatlantic routes. That said, we have some concerns about costs, this which will result in stagnation in 2024,” notes Stifel.
Net debt of 7.44 billion euros is down from 9.25 billion euros the previous year.
“Our transformation initiatives and the increase in demand, including during the Easter holidays, have enabled us to once again achieve very good results, with an improvement in turnover and operating profit,” Luis Gallego, chief executive of IAG, said in a statement, expecting “positive and sustainable long-term travel demand”.
Capacity to Africa, the Middle East and South Asia increased 0.4%, but revenue fell 3.4%. IAG said the conflict in the Middle East had impacted most of its airlines’ flights to the region.
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