IAG profits climb

by LLB Finance Reporter
27th Oct 23 10:35 am

IAG who are the owners of British Airways have said in the three months to the end of September their profits rose by 56%.

In the third quarter of 2022 IAG pre-tax profit rose from £879 million to £1.4 billion as flight capacity was up 17.9% and revenue climbed £7.5 billion in the period.

Fuel prices fell 6.2% and passenger revenue rose 2.2%, in the three months to the end of September IAG reduced their gross debt by £2.1 billion and to £15.0 billion.

Chief executive Luis Gallego said: “This quarter represents a record third-quarter performance for IAG. This is allowing us to invest in the business and reduce a significant amount of our debt.

“During the third quarter we saw sustained strong demand across all our routes, in particular the North and South Atlantic and in all leisure destinations around Europe.

“We continue to develop our hubs of Barcelona, Dublin, London and Madrid, supported by our fleet deliveries and future orders.”

Gallego told reporters: “We are very mindful of the geopolitical and macroeconomic uncertainties and in particular now the events that are happening in the Middle East.

“Regarding this terrible situation we see some limited revenue impact on flights to Cairo and Amman, and for sure Israel, but it’s too early to conclude if we’re going to have a wider strain and implications.”

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