IAG losses

British Airways owner IAG has narrowed its losses for the first quarter of the year, helped by an improved performance from its Spanish airline, Iberia.  Its operating deficit fell to €150m compared with a €589m loss a year ago.

Willie Walsh, Chief Executive of IAG, said that losses at Iberia had almost halved in the quarter.  Passenger numbers across IAG increased by 38% to 6.4m in April, up from 4.6m but these figures include a moveable Easter date, the acquisition of Vueling, which became part of the Group 12 months ago, and the introduction of the Airbus A380.

Iberia "continues to benefit from restructuring," and British Airways has "increased capacity within a controlled cost environment," Mr Walsh said.

Iberia's restructuring costs hit the airline group with a €311m charge in the first quarter last year.  www.iairgroup.com

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