BA and Iberia profits

British Airways and Iberia, the two companies that will make up International Airlines Group, both made profits during the last quarter, a turnaround in each case.

With BA the figure was £158m (2009 £292m) whilst Iberia came up with €53 (2009 loss €182m).

BA will not pay a dividend this quarter but passenger revenue was up by 7.9% and capacity down by 6.2%.  Revenue in cargo increased by a dramatic 39.4%, driven by yields recovering from the market low point of last year.  The airline noted that by year end 12 aircraft will have been fitted with the new First cabin.  The initial two Boeing 777-300ER aircraft – with revamped cabins and in-flight entertainment – are now in operation with the third scheduled to enter service next month.

In overall terms, Iberia came up with an improved load factor (85.6%) and a 4.3% growth in average earnings per RPK, which was due to the increase in the number of Business Plus (long haul) passengers.  In the long haul segment the Spanish airline raised its capacity by 9.5% in the quarter, giving a load factor higher than 88%.  Cargo, once again, was a star performer with an increase of 32.4%. www.ba.com www.iberia.com 

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