International Airlines Group (IAG) has published its results for the first quarter of 2024, showing an operating profit before exceptional items of €68 million, an increase of €59 million compared to the €9 million recorded in the first quarter of 2019.
Of the group's individual airlines, Iberia made an operating profit of €70 million, while British Airways recorded an operating profit of €20 million. Aer Lingus and Vueling reported operating losses in the first quarter of €82 million and €25 million respectively.
Passenger capacity was up 7 percent compared to the first quarter of 2023, and the group said it had “continued to invest in the strongly growing Latin America and Caribbean region,” with capacity for the region up of 14.4 percent.
IAG's operating profit in the first quarter compares with that of the Lufthansa Group, which had an operating loss of €849 million in the first quarter, and Air France KLM, which also had an operating loss of €489 million during the term.
Last year IAG obtained a record annual operating profit of 3,507 million eurossurpassing the €3.253 million achieved in 2019 before the pandemic, and CEO Luis Gallego said the group was “well positioned” for summer 2024, with high travel demand “a continuing trend.”
“Our transformation initiatives and increased demand, including during the Easter holidays, have generated another very good set of results with improvements in both revenue and operating profit,” Gallego said.
“Our Group benefits from the strength of our main markets (North Atlantic, South Atlantic and inner Europe) and the performance of our brands. Investment in transformation across the Group is delivering encouraging improvements in punctuality and customer experience across our airlines. IAG Loyalty continues to obtain very good results.”
IAG also stated that progress towards its acquisition of Air Europa continues, with a package of solutions presented to the European Commission. The group said it “remains hopeful that the process will be completed by the end of this year.”
iagair.com
