International Consolidated Airlines Group (IAG) has presented Group consolidated results for the three months to March 31, 2019. The Group reported first quarter operating profit of €135 million before exceptional items (2018 pro forma €340 million). Passenger unit revenue for the quarter was 0.8%, down 1.4% at constant currency. Fuel unit costs for the quarter was up 15.8%, up 11.1% at constant currency.
Net foreign exchange operating profit impact for the quarter adverse was €61 million while cash of €7,481 million at March 31, 2019 was up €1,207 million on December 31, 2018 and net debt to EBITDA improved by 0.2 to 1.0 times. Profit after tax before exceptional items was €70 million down 62.6% and adjusted earnings per share down 57.5% on a pro forma basis