November 9, 2012
IAG reports operating profit of €17m for the first nine months in 2012
International Consolidated Airlines Group (IAG) presented Group consolidated results for the nine months ended September 30, 2012. The Group reported third quarter operating profit of €270m, before exceptional items, €301m excluding bmi (2011: operating profit €363m, before exceptional items). Passenger unit revenue was up 9.1% for the quarter, flat at constant currency. Fuel unit cost was up 15.4% for the quarter, up 1.6% at constant currency. Non fuel unit costs before exceptional items was up 8.5% for the quarter, up 1.6% at constant currency. IAG made an operating profit in the nine months of €17m, British Airways an operating profit of €286m, and Iberia an operating loss of €262m. Passenger revenue in the nine months improved 12.7%, passenger unit revenue 9.1% and volume increased 3.3%.
International Airlines Group (IAG) announced a comprehensive plan to save Iberia after record losses and return it to profitability. Iberia’s transformation plan will introduce permanent structural change across all areas of the business with the aim of stemming losses and returning the Spanish airline to profitability.