British Airways and Iberia parent IAG increased operating profits before exceptionals in the first quarter to €68 million ($59 million) driven by higher passenger revenues for the period.
Total IAG revenues increased by over €500 million to €6.43 billion, including an almost 12% rise in passenger revenues. This reflects a 9% increase in passengers to 26.4 million, a 1.6 percentage point rise in load factor to 83.1% and a 2.4% improvement in passenger yields during the period.
This helped offset reduced cargo revenue in the first quarter, enabling IAG to lift operating profits before one-off costs from €9 million to €68 million. It also cut group net loss for the first quarter from €87 million to €4 million.
BA and Iberia both improved their performance, posting £22 million ($27 million) and €70 million operating profits respectively, while Vueling reported the biggest improvement in reducing its operating loss from €64 million to €25 million. Aer Lingus losses were virtually unchanged at €82 million for the first quarter.
| Airline | Q1 2024 operating result | Q1 2023 operating result |
|---|---|---|
| Source: IAG, operting result before exceptionals | ||
| British Airways | £22m | £14m |
| Iberia | €70m | €66m |
| Vueling | (€25m) | (€64m) |
| Aer Lingus | (€82m) | (€81m) |
| IAG total | €68m | €9m |
IAG chief executive Luis Gallego says: ”Our transformation initiatives and increased demand, including over the Easter holidays, have delivered another very good set of results with improvements to both revenue and operating profit.
“Our group benefits from the strength of our core markets - North Atlantic, South Atlantic and intra-Europe - and the performance of our brands. We are well-positioned for the summer. The high demand for travel is a continuing trend.”
