IAG’s quarterly profit breaks record as airline market recovers
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Aviation holding International Airlines Group (IAG), which includes British Airways, Iberia, BMI, Vueling and Aer Lingus, received record profits in the third quarter. This figure increased by 43.3% compared to the same period last year and amounted to €1.74 billion.
Operating margin also increased – from 16.6% to 20.2%, passenger capacity (available seat kilometers, ASK) increased by 17.9% compared to 2022 and amounted to 95.6% of the level of the third quarter of 2019, Total debt fell by €2.4 billion to €17.2 billion.
IAG CEO Luis Gallego said the third quarter was a period of “persistent strong demand across all destinations, particularly in the North and South Atlantic and across all destinations in Europe.” The growth in performance was also facilitated by the holding’s receipt of 20 new aircraft. The company expects that by the end of 2023, passenger capacity will be about 96% of pre-pandemic levels.
Meanwhile, IAG shares reacted to the publication of financial statements with a sharp fall of almost 4.5%. According to analysts surveyed Reuters, good earnings performance is not enough to support the share price in an environment where the outlook remains unclear. However, during the day the shares recovered their fall and towards the end of trading they showed a decrease of only 0.1%. Since the beginning of the year, the holding’s shares have risen in price by almost 16%.
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