5 AUGUST 2019

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Article from BTNews 5 AUGUST 2019

Operating profit fall at IAG

Operating profit before exceptional items at International Airlines Group (IAG), which owns British Airways, Aer Lingus, Iberia and Vueling, fell more than a third in the first half of this year, according to latest financial results.

Figures just published for the six months to 30 June show operating profit for the six months to 30 June was €1.1bn before exceptional items, down from €1.7bn for the same period last year.

Operating profit after exceptional items was down more than 41% from €1.9nbn last year. There were no exceptional items in the first half of this year, while IAG recognised an exceptional gain of €678m last year with the closure of two BA pension schemes.

Individual company results show BA made a profit of €873m before exceptional items, compared with €868m in 2018. Aer Lingus profits for the half year were down 25% to €78m from €104m last year.

Iberia was reported to have made a profit of €109m, up slightly on the previous €102m, while Vueling’s profit was €5m, compared with an €11m loss in 2018.

For the second quarter, IAG made an operating profit of €960m before exceptional items, up from €816m last year. Passenger unit revenue for the second quarter was up 3.1%, or 1.1% at constant currency basis.

www.iairgroup.com

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