4 MARCH 2019
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British Airways’ parent company International Airlines Group (IAG) was in dominant form last week with an order for up to 42 Boeing B777X (see this issue) and improved full-year financial results to 31 December 2018.
On the financial side, IAG said it had weathered a significant fuel price increase and other challenges to report an operating profit of €3.230bn, a 9.5% rise over 2017, with adjusted earnings per share growing by 15.1%.
CEO Willie Walsh said: This was a very good performance despite three significant challenges: fuel prices increasing 30%, considerable Air Traffic Control disruption and an adverse foreign exchange impact of €129m."
Of IAG’s four constituent airlines, British Airways’ operating profit was £1.9bn, up £203m over 2017 on a capacity increase of 2.5%, while Iberia’s operating profit was €437m, an increase of €61m.
Aer Lingus contributed an operating profit of €305m, a record performance and an improvement of €37m over the previous last year. Capacity increased by 10% from additional flying to new routes such as Philadelphia and Seattle.
Vueling’s operating profit was €200m, an increase of €12m despite facing significant operational disruption from ATC regulations and strikes.
On trading outlook, Walsh said at current fuel prices and exchange rates, IAG expected a 2019 operating profit “in line” with the 2018 figures.
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